PKR snaps five-day rally

MG News | April 15, 2022 at 09:41 AM GMT+05:00

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April 15, 2022 (MLN): Breaking its five-day gaining streak, the Pakistani rupee (PKR) has depreciated by 51 paisa against the US dollar in early trade in the interbank market on Friday on the back of depleting foreign exchange reserves and widening trade deficit.

The dollar was being quoted at 182.20/ 182.40 (9:40 PST) when compared to the previous day’s close of 181.69.

The total liquid foreign exchange reserves held by the country dropped by $449 million or 2.6% WoW to stand at the lowest level of $17bn since June 19, 2020, during the week ended on April 08, 2022, compared to $17.5bn in the previous week.

"Reserve building is tough due to the widening of the trade gap while oil is a spoiler," Asad Rizvi, the former Treasure Head at Chase Manhttan Bank said.

Remittances are the best source of capital and support, he added.

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