KARACHI – The political instability in Pakistan has caused a decline in the value of the Pakistani rupee, which hit a record low of 298.91 against the US dollar in the inter-bank market on Thursday.
This represents a 3% drop and an absolute decrease of Rs8.69. The rupee’s value has been declining since Imran Khan’s arrest on Tuesday, which has led to unrest and violence across the country. Protesters have attacked state buildings and assets, leading to at least 8 deaths. The country is already facing a severe economic crisis, and the delay in receiving an IMF bailout has worsened the situation.
Zafar Paracha, the General Secretary of the Exchange Companies Association of Pakistan (ECAP), said that ongoing political uncertainty is driving the depreciation of the rupee. He urged the authorities to take notice of such activities and prevent market players from profiteering. The situation in Pakistan has caused concern among investors and has led to a decline in the value of the currency.
Globally, the US dollar has weakened against the yen due to lower US Treasury yields after slowing inflation gave traders more confidence that the Federal Reserve is through with rate hikes. The dollar index, which measures the greenback against a basket of six major peers, including the yen, edged 0.05% lower to 101.36.
Oil prices, a key currency indicator, bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world’s top oil consumer.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal rates on May 11, 2023
