Rupee’s fall continues as it loses Rs0.72 against US dollar

Karachi: The Pakistani rupee continued getting hit as it fell by another Rs0.72 against the US dollar on Wednesday in the inter-bank market.

At the end of the session, the State Bank of Pakistan said that the PKR depreciated by 0.33% to close at 218.38 against the greenback in the inter-bank market.

Interbank closing #ExchangeRate for todayhttps://t.co/TN9mS4PdX8 pic.twitter.com/C2vLGnHtj0

— SBP (@StateBank_Pak) August 24, 2022

On Tuesday, the PKR closed at 217.66, posting a depreciation of Rs 1.

Analysts attribute the ongoing fall of the rupee’s value to the heated political developments taking place within the country.

On Tuesday, the contempt of court trial of PTI Chairman Imran Khan was started at the Islamabad High Court (IHC) in response to his threatening remarks against a female judge.

However, many analysts view the rupee depreciation as a temporary phenomenon, as inflows from the International Monetary Fund (IMF) and Qatar are expected in the coming weeks.

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