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PKR drops to 18-month low amid rising demand

The domestic currency weakened by 38 paisa to reach PKR 283.05

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Haris Zamir

Business Editor

Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)

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PKR drops to 18-month low amid rising demand

A man counts Pakistani rupee notes at a currency exchange shop in Peshawar, Pakistan September 12, 2023

Reuters

The Pakistani rupee's value fell to an 18-month low on Friday amid rising demand from importers and companies seeking to repatriate their dividends and earnings.

The domestic currency weakened by 38 paisa to reach PKR 283.05. The last time the PKR was quoted at 283.01 was on December 13, 2023, according to central bank data.

Analysts told Nukta that importers and oil companies are buying greenbacks to cover import bills.

Moreover, several businesses are buying dollars to repatriate dividends and earnings.

The recent geopolitical situation following Israel's strikes on Iran is also forcing companies to accumulate dollars in advance on fears the domestic currency might weaken further, analysts said.

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