PKR nears record low in interbank after sliding 74 paise

The PKR neared an all-time low against the dollar on Wednesday after falling 74 paise in the interbank market. The local currency closed at Rs239.65 per dollar — a depreciation of 0.31 per cent from yesterday’s close of Rs238.91. The rupee had reached a record low of 239.94 per dollar on July 28. Head of Research at Tresmark, Komal Mansoor, said the government was “paralysed by inaction even though we are now in an IMF (International Monetary Fund) programme and can attract forex”. “Intervention in an illiquid market like Pakistan can have many benefits,” she said. Mansoor noted that while the dollar’s strength was a serious concern for all economies, the Pakistani rupee was the worst-performing currency in the region. The dollar hovered near a two-decade peak against a basket of currencies on Wednesday, after yields on United States Treasuries leaped ahead of another aggressive rate hike expected from the US Federal Reserve.