The Pakistani Rupee has crashed even further against US Dollar as it reached Rs. 236.02 at the closing of the interbank market on Wednesday. However, the closing rate was still a slight improvement for the local currency after being traded over Rs. 237 against the greenback during intra-day trading.
According to the State Bank of Pakistan (SBP), the Pakistani Rupee closed at Rs. 236.02 against the US Dollar on July 27 (Wednesday), which is a depreciation of Rs. 3.06 (1.31%) compared to July 26 (Tuesday), when it closed at Rs. 232.93 against the foreign currency.
According to experts, the deepening political uncertainty and lack of dollar liquidity has put more pressure on the local currency as the central bank is not selling dollars to the market and exporters are not converting dollars either, which has created a scarcity of the greenback.
The Pakistani Rupee has been one of the world’s worst performing currency, falling 30.2 percent since the start of the current year that was made worse because of the political instability and it is expected to get even worse in the coming days.
It is pertinent to mention that Pakistani Rupee has lost nearly 8% to the US Dollar during the previous week, while the country’s foreign reserves stand below $10 billion and the situation is expected to get worse amid the new political uncertainty caused by the Punjab by-elections.