Tuesday saw the Pakistani rupee smash all prior lows against the dollar, reaching a new low of 224 in the afternoon interbank session before ending at 221.99.
The local currency declined by Rs6.79 in the interbank market, or 3.06 percent, against yesterday’s close of Rs215.20, according to the State Bank of Pakistan. After the rupee declined by Rs6.80 on June 26, 2019, it experienced its greatest day-to-day depreciation on that day.
The crushing defeat of the ruling PML-N in the Punjab by-elections has led to political unrest and increased import demand, which has caused the Pakistani rupee to depreciate.Analysts contend that there are additional forces at work in addition to the domestic political and economic environment.
