KARACHI: Due to the dire economic scenario brought on by historic flooding around the nation, the Pakistani rupee extended its downward trend against the dollar for the ninth session in a row on Wednesday.
According to information provided by the State Bank of Pakistan, the local currency decreased 2.40 Pakistani rupee to settle at Rs234.32 in the interbank market, down from the previous closing of Rs231.92 versus the dollar.
In addition to the floods, which even eclipsed the IMF programme renewal, the nation is also experiencing political unrest, which has kept investors on their toes.In addition to the floods, which even eclipsed the IMF programme renewal, the nation is also experiencing political unrest, which has kept investors on their toes.
Pakistan has experienced ongoing political unrest ever since Imran Khan’s administration was overthrown in April. Investors have a number of reservations regarding the current government’s policies notwithstanding the passage of months.
The ECAP representative stated that it was anticipated that the rupee would appreciate against the dollar once the International Monetary Fund (IMF) loan came in, and it did as it increased by Rs2. However, he pointed out that despite funding from the international lender, the decline has continued ever since, with only tiny gains.