Devaluation of the Pakistani rupee continues; PKR drops to 230 during intraday trade.
With political turmoil rising in the country, the Pakistani rupee continues dropping. According to the State Bank of Pakistan, the rupee dropped to 230 during intraday trade today morning. (25th July)
Pakistani currency has seen an 8% decline against the US dollar in the last trading week due to the political uncertainty in the country. Inflation has also reached an all-time high in more than a decade and the country’s forex reserves are below $10 billion.
According to the analysts, whether the current government will be able to stabilize the economy or not, is a question among many others that is causing the rupee to slip further down.
The confusion regarding Punjab Governance is also causing political uncertainty in the country and until a decision is made, the Pakistani currency will keep facing devaluation.
