In a recent development after a bizarre day in the FX markets when the PKR depreciated 3percent in just one day against the 3 year average depreciation of 1 percent, the PKR recovered after today’s open. The markets closed yesterday 108.25/108.35.
However, the markets opened today at 107.55/108.50.
In a matter of hours, the prices have regained all of its yesterday losses after a very strong worded statement was released by the Finance Minister.
Despite the SBP owning up to the depreciation, the Finance Minister Mr. Ishaq Dar was relatively unpleased with the situation and termed the exchange rate situation “artificial”. In order to keep a hold of the ongoing exchange rate situation the Finance Minister summoned all presidents of the banks in Pakistan.