The money market remained lackluster on Thursday also as the US dollar sawsome ups and downs against the Pakistani rupee in the interbank trading.
According to the forex dealers, the greenback shed a few paisas in themorning trading but towards the end of the day, it rebounded and ended witha gain of 26 paisas, concluding the day at Rs Rs222.67.
Interbank closing #ExchangeRatelink forlink pic.twitter.com/ewyO9S9U1rlink— SBP (@StateBank_Pak) November 17, 2022link
On Wednesday, the US dollar concluded the day at Rs222.41.
Interbank closing #ExchangeRatelink forlink pic.twitter.com/fkTCQrBvihlink— SBP (@StateBank_Pak) November 16, 2022link
Read Top Stories
The dull trading in money market comes amid reports that the InternationalMonetary Fund (IMF) Staff Mission is expected in Islamabad by the end ofthe month but the date has not yet been finalised as the Fund wantsPakistan to first make some adjustments.
Owing to uncertainty over IMF review, Pakistan’s perceived risk of default,measured by the 5-year credit default swap (CDS), also worsened and hit75.5 percent.
Oil prices, a key indicator of currency parity, rose, erasing earlierlosses, after an incident involving a commercial vessel off the coast ofOman, but rising Covid-19 cases in China capped gains.
