KARACHI: A lifetime low of 228 was once again reached by the Pakistani rupee on Friday during intraday trade in the interbank market as it kept losing value versus the US dollar.
According to data issued by the State Bank of Pakistan (SBP), during yesterday’s session, the rupee dropped as low as 228 during intraday trade, but it ultimately closed at 226.81, losing Rs1.89 or 0.83 percent.
Analysts blame the rupee’s prolonged decline to political uncertainty resulting from the results of the Punjab by-elections, Fitch Ratings’ downgrading of Pakistan’s credit rating from stable to negative, and a delay in the International Monetary Fund’s (IMF) programme.
However, according to Finance Minister Miftah Ismail, the economy is moving in the right direction and the rupee would appreciate versus the dollar if political stability, which has been elusive since the coalition government took office, returns.
