Update 2: PKR loses early gains by 80 paisa/USD

July 18, 2022 (MLN): The Pakistani rupee (PKR) has joined back its downward trail against the greenback in the intraday trade, losing the ground which has been gained in the early morning as the currency was being traded at 211.69/212.44 [11:48 PST] with trades being reported at PKR 211.75 per USD.

Earlier today, PKR had appreciated by 70 against the US dollar compared to the previous close of 210.95 per USD.

Within the open market, the local is being traded at PKR 209/212.50 per USD.

Political noise owing to the bye-elections held on Sunday wherein PTI has secured 15 seats in an unexpected move, has created significant uncertainty on the economic front as the results of an election would impact the economic decisions of the ruling party. 

All eyes will be on the Federal Government on what decisions it takes especially regarding the hike in Electricity/Gas prices as approval of the next IMF tranche would be dependent upon such key measures agreed with IMF, an Analyst at Topline Securities noted on Monday. 

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