PKR plunges by around 3 rupees against USD

MG News | April 04, 2023 at 10:22 AM GMT+05:00

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	169,864.53 309.70M	0.77% 1289.83
ALLSHR	102,725.13 871.92M	0.54% 553.85
KSE30	51,670.42 144.06M	0.97% 495.07
KMI30	244,230.82 127.19M	0.88% 2126.86
KMIALLSHR	67,141.83 400.81M	0.66% 438.06
BKTi	45,511.25 34.21M	0.74% 335.27
OGTi	33,787.05 15.45M	0.86% 288.90

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	90,330.00	93,070.00 89,640.00	-1680.00 -1.83%
BRENT CRUDE	61.22	61.86 60.81	-0.06 -0.10%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	1.00 1.11%
ROTTERDAM COAL MONTHLY	97.30	97.30 97.30	0.90 0.93%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	57.53	58.19 57.15	-0.07 -0.12%
SUGAR #11 WORLD	15.10	15.27 14.83	0.25 1.68%