PKR touches historic intraday high of 203.50/USD

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MG News | June 13, 2022 at 11:33 AM GMT+05:00

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June 13, 2022 (MLN): The problematic macros, concerns over the IMF tranche and FATF have pushed the Pakistani rupee (PKR) towards the new historic intraday high of 203.50 per US dollar, depreciating by 1.15 rupees.

The PKR was quoted at 203.49/203.99 (11:40 PST) when compared to the previous close of Rs202.35 per USD.

Within the open market, the local unit is being traded at 202.5/204.5 per USD.

“Rupee in free fall owing to speculations ahead of IMF bailout program,” Ahsan Mehanti, Director Arif Habib group told Mettis Global.

Meanwhile, Finance Minister for Revenue Miftah Ismail is hopeful regarding IMF tranche. In a question-answer session with Dawn News, he said, “By late June we should be able to sign the IMF staff-level agreement.”

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