On the heels of political uncertainty, Pakistani rupee keeps on tumbling
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On the heels of political uncertainty prevailing in the country especially after an assassination attempt on the life of PTI Chairman Imran Khan yesterday, the local currency tumbled against the US dollar in the interbank trading again, reported 24NewsHD TV channel.
According to forex dealers, the rupee slid by 15 paisas against the American currency during trading activity on Friday but towards the end it recovered its losses for the day and edged up by three paisas, ending the day at Rs221.92.
Yesterday, the greenback was surged by 52 paisa and closed at Rs221.95.
Though, according to the data released by the State Bank of Pakistan on Thursday, the total liquid foreign exchange reserves held by the country surged to US$ 14.68 billion as of October 28, 2022. This increase in reserves was mainly due to inflow of $1.5bn from the Asian Development Bank.
However, despite increase in the forex reserves, the market has failed to show its confidence in the local currency due to grievous political situation in the country.
Reporter Ashraf Khan