PKR plunges by around 3 rupees against USD

April 04, 2023 (MLN): The strong spell of deprecation has further pushed the Pakistani rupee (PKR) towards free fall as the currency has lost around three rupees during intraday trade, compared to the previous day’s close of 285.04 per USD, mainly due to prevailing uncertainty on the economic front.

The dollar was quoted at 287.83/ 288.83 (10:22 PST) with the trades being reported at PKR 288 per USD.

In the open market, the PKR is being traded at 286/288.5 per USD.

The significant drop in the value of the Pakistani rupee is attributed to an increase in pressure to make import payments, coupled with a limited supply of dollars.

According to market talks, the delay in the revival of the IMF loan program caused importers to panic and purchase dollars at higher prices, ultimately leading to a notable decline in the value of the rupee throughout the day.

News reports indicate that Finance Minister Ishaq Dar will be leading an economic delegation to the US to attend the annual meetings of the IMF and World Bank from April 10, 2023, to April 16, 2023.

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