Web Desk (LTN NEWS): On Friday morning, PKR lost 38 paise against the dollar in the interbank market. This broke a three-day run of gains. The rate of the dollar is 218.98.
At 11:45 a.m., the Forex Association of Pakistan said that the exchange rate for the local currency is Rs219.7 per dollar.
Saad bin Naseer, who is the director of the financial data and analytics portal Mettis Global, said that “the dollar index going up and the dollar getting stronger in the international market were the main reasons why the rupee went down.”
Read: PKR gains Rs1.48 after IMF deposit
“Our current account deficit is under control. In the next few days, the PKR will go up. The change will be somewhere between Rs219 and Rs222 per dollar. This is nothing out of the ordinary,” he said.
The dollar was going to have its third straight week of gains and was near its highest levels against the euro and yen in decades.
Overnight, the dollar index hit its highest point in 20 years, at 109.99. It was last at 109.51. It has gone up more than 1% in the week since Jerome Powell, the head of the US Federal Reserve said that interest rates would need to be high “for some time” to control inflation. This statement surprised the markets.
