PKR touches 193/USD in early trade

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MG News | May 13, 2022 at 10:33 AM GMT+05:00

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May 13, 2022 (MLN): While hitting new lows, the Pakistani rupee (PKR) has touched the psychological level of 193 per US dollar in the early morning trade on Friday on the back of the economic crisis particularly melting foreign exchange reserves and political uncertainty as the local unit weakened by 1.23 rupees compared to the previous day’s close of 191.77.

The PKR was being quoted at 190.75/ 193 (10:30 PST) with trades reported at 193 per US dollar. 

The central bank’s net foreign exchange reserves got hammered for the 9th consecutive week. While, yesterday after opening at 190.50, PKR once again plunged to hit new all-time lows of 191.95, Asad Rizvi, the former Treasury Head at Chase Manhattan Bank said.

Due to low reserves cannot intervene to support PKR, or used its monetary tool. Another tough day is ahead, he added.

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