The rupee has registered a depreciation of 0.43 percent against the US dollar on Wednesday.
According to the State Bank of Pakistan (SBP), the rupee closed at 220.68 against its value of 219.73 on the previous day, showing a depreciation of Rs0.95.
The up-down trend has been ongoing; as the rupee gains for some days and starts depreciating for the next coming days. The reverted values of the rupee have kept it stuck around the Rs220 mark since October 6 when its value had come to Rs221.94 after consecutive rising against the greenback.
The political temperature has been blamed for the declining rupee. Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s announcement has impacted the economy and market of the country, according to experts.
Share prices at the Pakistan Stock Exchange (PSX) had also plunged as the important benchmark KSE-100 Index was down over 672 points in the early hours of trading on Wednesday.
Economic analysts have been terming the political noise as a weakened rupee.
On the other hand, globally the dollar sank on Wednesday against key peers to a three-week low as fresh indications of the US economy’s deterioration fueled rumours of a less aggressive Federal Reserve.
The dollar’s parity measuring tool against six peers including sterling, euro and yen, the dollar index, was little changed at 111.01, near the previous session. Oil prices remained almost stable on Wednesday.
