PKR withers to new low, loses 73 paisa in early trade

MG News | May 12, 2022 at 10:11 AM GMT+05:00

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May 12, 2022 (MLN): While enduring a free fall, the Pakistani rupee (PKR) has lost 73 paisa amid heating up politics and weak macros including higher import bill along with delay in the IMF tranche.

The dollar was quoted at 190.26/ 190.76 (10:09 PST) when compared to the previous day’s close of 190.02.

According to Asad Rizvi, the former Treasury Head at Chase Manhattan Bank, PKR continues its one-sided journey losing nearly 9% of its value vs the dollar since the time of the Russian invasion of Ukraine to hit all-time new lows.

Economic slowdown & higher Oil prices dented YUAN, THB, KRW, MYR & INR by 4 to 9% accelerating inflation too. No respite in sight, he added.

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