The Pakistani rupee hit a new all-time low on Wednesday, reaching Rs202 against the US dollar for the first time in inter-bank market.
Rupee slumped Rs1.08 to a historic low of Rs202.49 against the greenback just before noon, cumulatively losing over Rs16 against greenback in the past 14 working days.
The Pakistan Stock Exchange sank 1.22% (or 513 points) to a one-year low, at 41,438 points at noon as well. According to experts, political uncertainty was indicative of economic turmoil in Pakistan.
Bloomberg also reported that the threat of default was fast approaching Pakistan as the political crisis continued to deepen. The report came ahead of a likely inconclusive end to talks between the government and the International Monetary Fund.
