PKR recovers by over 1 rupee in early trade

By MG News | June 22, 2022 at 10:00 AM GMT+05:00

0:00

June 22, 2022 (MLN): Snapping its long losing streak, the Pakistani rupee (PKR) has made a recovery of over one rupee against the greenback in the early trade in the interbank market mainly due to the positive news regarding the IMF tranche.

The local unit is being traded at PKR210.42/210.92 [10:03 PST], appreciating by 1.08 rupees compared to the previous close of PKR 211.48 per USD.

Positive sentiments in the market stemmed from the newsflow regarding the major development that surfaced on Tuesday night wherein Pakistan side and IMF reached an understanding on the federal budget for FY23.

Meanwhile, Finance Minister Miftah Ismail is hopefull that the IMF would increase the funding amount and bailout duration.

“I am also expecting that the duration of the program will be extended by a year and the amount of loan will be augmented,” he said. However, he added that the IMF had not yet committed to the changes.

Market experts opined that this positive breakthrough will give temporary respite to PKR.

Copyright Mettis Link News

Related News

PKR falls 4 paisa against USD

Saudi Riyal available at PKR 76.4 in open market

NBP issues foreign exchange rates

Name	Price/Vol	%Chg/NChg
KSE100	128,199.43 336.91M	2.05% 2572.11
ALLSHR	79,787.62 1,023.63M	1.53% 1202.91
KSE30	39,105.00 121.90M	2.49% 951.21
KMI30	186,915.61 131.16M	1.10% 2029.11
KMIALLSHR	54,201.88 553.60M	0.81% 438.07
BKTi	33,476.68 51.49M	4.87% 1555.00
OGTi	27,962.58 9.77M	0.68% 188.60

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	106,425.00	106,490.00 105,440.00	675.00 0.64%
BRENT CRUDE	67.14	67.29 67.05	0.03 0.04%
RICHARDS BAY COAL MONTHLY	97.50	97.50 97.50	0.70 0.72%
ROTTERDAM COAL MONTHLY	103.80	103.80 103.80	-3.45 -3.22%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	65.46	65.65 65.34	0.01 0.02%
SUGAR #11 WORLD	15.70	16.21 15.55	-0.50 -3.09%