PKR touches 186/USD on political crises

April 06, 2022 (MLN): The devastating impact of the ongoing political crisis has continued to shake the stability in the interbank market to the core which has forced PKR towards a bottomless pit as the local unit has finally crossed PKR186 per US dollar in intraday trade on Wednesday.

The dollar was being quoted at PKR186/186.10(10:59 PST) when compared to the previous day’s close of 185.23.

The widening trade gap during 9MFY22 stood at $35.4 billion while melting foreign reserves, and delay in the IMF program have also weighed on PKR.

The sharp cut in imports may help ease PKR pressure, Asad Rizvi, the former Treasury Head at Chase Manhattan said.

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