PKR weakens in early trade

MG News | May 21, 2019 at 10:42 AM GMT+05:00

0:00

May 21, 2019 (MLN):The Pakistani Rupee (PKR) continued to lose value against the Dollar in the interbank market as it shed Rs. 1.85 in early trade.

Further decline from yesterday’s closing rate of 149.65 was expected after the Rupee was traded at 152 in Monday’s next day settlement session.

The Rupee opened Tuesday at 151/152 against the Dollar, briefly appreciated to 151.25/151.75 before falling to its current level of 151.75/152.5 with trades reported at 152.

This is the fourth session in which the rupee has witnessed significant decline.

The Central Bank, under IMF’s direction has allowed the rupee to devalue and raised the policy rate by 150 basis points yesterday.

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