The News reported that the fall was in line with predictions by analysts who anticipate more damage down the road, as the country remains mired in political and economic instability.
Media reports said that the Pakistani rupee fell to an all-time low of Rs 191.77 against the US dollar on Thursday, breaking all previous records.
The local currency ended the day lower at Rs 191.77, down by Rs 1.7 (or 0.91 per cent) from Wednesday’s record low of Rs 188.66, The News reported.
Dry foreign exchange inflows, delays in the revival of International Monetary Fund (IMF) bailouts and lack of financial support from friendly countries are putting pressure on the local currency.
The News reported that the fall was in line with predictions by analysts who anticipate more damage down the road, as the country remains mired in political and economic instability.
A day earlier, the rupee crossed the crucial 190-mark amid a steady fall in foreign exchange reserves on account of heavy current account and trade deficit and higher loan payments.
Since the beginning of this financial year (July 1, 2021) till now, the rupee has collectively depreciated by a whopping 21.72 per cent (or Rs 34.23) as compared to Rs 157.54 in the previous fiscal.
Rupee has been in a declining trend since last 13 months. It has lost 25.94 per cent (or Rs 39.5) so far as compared to a record high of Rs 152.27 recorded in May 2021.
Furthermore, the political unrest caused by PTI’s protest campaign against the government is diverting the new economic team’s attention to economic firefighters. Former prime minister Imran Khan has announced to march to Islamabad with millions of his supporters after May 20 to demand fresh elections to add to the troubles of the financially inefficient PML-N-led regime.
Read also | Imran Khan claims ‘mafia’ Sharif family ‘paid a woman’ to write book to defame him in 2018