The Pakistani Rupee (PKR) continues to plummet with the local currency depreciating to another historic low against the US Dollar (USD) on Tuesday as it closed at Rs. 224.92 in the interbank market after being traded as high as Rs. 227 in the open market.
According to the State Bank of Pakistan (SBP), the Pakistan Rupee depreciated by Rs. 2.93 (1.30%) against the US Dollar at the closing of the interbank market on 20 July 2022 (Tuesday) compared to 18 July 2022 (Monday), when the local currency closed at Rs. 221.99 against the greenback.
It is pertinent to mention that this was also the fourth successive fall for the rupee, which has depreciated nearly 6.7% since Thursday last week owing to the political uncertainty following the Punjab by-elections in which Pakistan Tehreek-e-Insaf (PTI) registered a landslide victory against Pakistan Muslim League – Nawaz (PML-N).
The political turmoil along with sentiment that economic reforms agreed with the International Monetary Fund (IMF) would be put on the backburner have hurt investor sentiment, a fact also reflected at the Pakistan Stock Exchange that registered massive back-to-back falls on Monday and Tuesday.