The downward slide of the Pakistani rupee (PKR) continues as the currency has lost Rs1.56 in the interbank market against the US dollar despite the government’s assurances of market stability in the coming days.
According to the data released by the State Bank of Pakistan (SBP), the rupee closed at 228.37, losing Rs1.56 or 0.68%. As per the economic experts, the downfall of Pakistani rupee against the US dollar is due to the political uncertainty in the country. The decline in the rupee’s value has accelerated after rating agency “Fitch” downgraded Pakistan’s rating, increased Euro-bond yields and no active supply from the State Bank.