The rupee continued its fall in the interbank market on Wednesday, with the local currency sliding to a historic low of Rs225 against the dollar as Finance Minister Miftah Ismail said political turmoil was to blame for the downturn.
“The panic in the market is primarily due to political turmoil, which will subside in a few days,” Ismail told Reuters, adding that he expected pressure on the rupee to fall in the next few days.
Analysts attributed the decline to the lack of economic guidance amid the political uncertainty prevailing in the country and the State Bank of Pakistan (SBP) not intervening.
According to the Forex Association of Pakistan, the rupee was being traded at Rs225 at 10:30am, down Rs3.01 or 1.3 per cent, from yesterday’s close of Rs221.99.
