ISLAMABAD, May 12 (NNN-APP) – The Pakistani rupee continues a sharp fall against the U.S. dollar, as the greenback was again traded at a historic low of 298.93 rupees, in the interbank market yesterday, according to the State Bank of Pakistan.
The U.S. dollar closed at 290.22 rupees on Wednesday. Yesterday, the local currency depreciated by 8.71 rupees, to a record low against the U.S. dollar, official figures showed.
This is the third consecutive session that the rupee has suffered a decline, attributed by market analysts, to the ongoing political instability in the country.
The instability started, after Pakistan’s former Prime Minister, Imran Khan, was arrested on Tuesday by the National Accountability Bureau on alleged charges of corruption and corrupt practices.
The country has been facing an economic crisis for quite some time, amid the uncertainty looming around the International Monetary Fund bailout programme, which has remained stalled since last year.– NNN-APP
