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PKR hits lifetime-low of 179.25

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March 15, 2022 (MLN):  Making a new low on another day,  the Pakistani rupee (PKR) sank to a lifetime low of 179.25 in an intraday trade on Tuesday in the interbank market against US dollar (USD) as growing geopolitical risks due to the Russia-Ukraine war pushed investors to the greenback's safe-haven appeal.

The domestic currency has weakened by 27 paisa (10:59 PST) when compared to the previous day’s close of 178.98 against the greenback.

“Oil is a major factor behind rupee’s fall, though recently price of BRENT eased by nearly 20% as lockdown in several cities in China helped,” Asad Rizvi, Former Treasury Head-Chase Manhattan Bank tweeted.

SCRA outflow of $86 million suggests geopolitical uncertainty that has dented investors’ appetite, he noted.

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Posted on: 2022-03-15T11:00:12+05:00

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