August 29, 2022 (MLN): Amidst on going political noise and dismal macros, the Pakistani rupee (PKR) has lost 1.34 rupees against the greenback in the interbank market at around 11:30 am on Monday compared to the previous close of PKR 220.66 per USD.
The local unit was being traded at 221.80/222.80 with trades being reported at 222 per USD.
PKR is under severe pressure due to drying up foreign exchange reserves and declining foreign direct investment which plunged to $59mn in July 2022.
Meanwhile, the demand for dollars in the open market has surged due to the newly enforced law by UAE for Pakistani travelers to have 5,000 dirhams along with a valid work visa and a return ticket.
Cherry on the top, the concerns over the recent high level flash floods which may take a major toll on economy has subsided market sentiments.
Copyright Mettis Link News
Posted on:2022-08-29T11:32:32+05:00
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