The political instability, depleting foreign reserves, very less investor confidence in the market have all combined to wreak havocs on the Pakistani rupee as the local currency is now trading at Rs228.50 in the interbank market against the US dollar.
According to the Forex Association of Pakistan (FAP), the Pakistani rupee has further depreciated by 75 paisas and is now trading at Rs228.50 in the interbank market. The currency had closed at Rs227.75 on Thursday.
Despite the many reassurances by the Finance Minister Miftah Ismail and other key ministers, the investor confidence appears to be at an all-time low. The Pakistani rupee has lost more than Rs13 in value against the US dollar in this past week alone.