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HomeNewsPolitical Uncertainty Causes the PKR to Fall to a New Low?

Political Uncertainty Causes the PKR to Fall to a New Low?

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Political uncertainty causes the PKR to fall to a new low, closing at Rs215.2 in interbank trading.

On Monday, the dollar continued its relentless rise against the rupee, gaining Rs4.25 in interbank trade.

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The dollar was trading at a record Rs216 against the Pakistani rupee at 3:12pm, up Rs5, or 2.4 percent, from Friday’s close of Rs210.95, according to the Forex Association of Pakistan.

According to data shared by the State Bank of Pakistan, the dollar eventually closed at Rs215.2, with the local currency depreciating 1.97 percent (SBP).

After reaching a high of Rs211.93 on June 22, the dollar began to fall for a brief period, falling to a low of Rs204.56 on July 4.

However, the rupee’s strength gained following $2.3 billion in Chinese inflows vanished within a few weeks, as the dollar snapped the rupee’s rising streak and gained Rs2.38 in the interbank market on July 5, the first appreciation in the new fiscal year.

Since then, the dollar has risen, with a slight reversal of the trend on July 15 — the day the IMF announced a staff-level agreement with the government. The rupee, however, reversed its gains the next day, with analysts blaming it on low inflows and import payments.

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