The Pakistani Rupee (PKR) fought back on Tuesday against USD as it appreciated by 11 paisas in interbank session as the currency closed the trade at PKR 164.08 per USD.
Yesterday, the local unit had closed at PKR 164.19 per US dollar.
However, the ongoing situation in Afghanistan has created not only political but also economic turbulence throughout the region. Particularly, the developing countries with sensitive currency movements have found the circumstances quite disruptive.
Expressing his concerns over the current happenings, Asad Rizvi, the former treasury head at Chase Manhattan said, “Afghanistan has solely dependent on foreign aid and if international donor agencies freeze the flow of funds, it could choke economic activity that may have spillover effect on our economy and likely to take PKR under more pressure.”
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 11 paisa per USD showing an intraday high bid of 164.20 and an intraday Low offer of 164.12.
Within the Open Market, PKR was traded at 163.80/164.60 per USD.