March 26, 2020 (MLN): The Pakistani Rupee has depreciated by around 5.90 rupees in the intraday session and has reached an all time low of 167/167.5 against the US Dollar.
The high volatility in the trading of local currency has been caused by the outflow of funds in T-bills from the local markets by foreign investors via SCRA. The primary driver has been panic selling by foreign investors who are withdrawing from risky investments owing to worsening global economic situation.
It is pertinent to note that the PKR has depreciated by 8.6% since the start of the month and 3.65% as compared to yesterday’s close.
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