February 10, 2022 (MLN): In contrast to the market expectation, the Pakistani Rupee (PKR) continued to take a  downward slide on the third consecutive session as the currency lost a further 46 paisa during intraday trade at the interbank market on Thursday.

The dollar was being quoted at 175.21/ 175.35 (11:37 PST) when compared to the previous close of Rs174.89.

Market participants, on the other hand, anticipated a notable appreciation in PKR after receiving around $1billion each from Sukuk proceeds and IMF loan. 

According to Asad Rizvi, the former Treasury Head at Chase Manhattan, it is the import side payment pressure that kept the demand for the dollar elevated. 

Going forward, for the next 2-4 weeks it is likely to remain stable within 2% band, as no major event is in pipeline. Higher oil price is the only worrying factor, he added. 

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