PKR slumps to 225 per USD in intraday trade

MG News | July 20, 2022 at 10:33 AM GMT+05:00

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July 20, 2022 (MLN): The Pakistani rupee (PKR) continued to take a beat from the ongoing political and economic uncertainty as it has lost over three rupees in intraday trade compared to the previous close of PKR 222 per USD.

The local unit was quoted in the interbank market at 224.97/225.47 per USD around10:31 am with trades being reported at 225 per USD while in the open market, the dollar is traded at PKR 222/226 per USD.

Analyst fraternity and economic experts are of the view that political instability has messed up with the dollar PKR parity. However, the State Bank of Pakistan (SBP) has linked this freefall to the wider global phenomenon wherein all the major currencies are depreciating against the US dollar.

SBP termed the recent depreciation of the Pakistani rupee (PKR) a feature of a market-determined exchange rate system.

Under this system, the current account position, relevant news items, and domestic uncertainty together determine daily currency fluctuations, it noted.

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