The Political instability erupted in the country caused a decline in the rupee against the dollar. The Dollar rate in Pakistan and its dire consequences are reaching a new height. Making it 182.19 in the interbank market. The rupee’s decline as per the analysts is a result of political unrest, low foreign currency reserves, and a delay in the IMF (international monetary fund) review decision.
Mohammad Sohail, a chief executive at Topline Securities, said due to the political disturbance and escalating foreign travel. All together has formed pressure on the rupee. As the government is in talks with IMF under the extended fund facility. The foreign currency reserves have hit the lowest of the fiscal year.
Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (ECAP) said the rupee will decrease gradually if significant steps on political and economical grounds are taken into consideration.