The Pakistani rupee set a new permanent record against the US dollar on Wednesday, reaching to Rs. 202 for the first time in the market interbank.
The financial markets in Pakistan have collapsed as the country’s evicted government, Pakistan Tehreek-e-Insaf (PTI), began its long march towards Islamabad.
Despite the Coalition government’s crackdown on party members and leaders in an attempt to prevent members from proceeding to Islamabad, this was the case.
Before lunchtime, the rupee had dropped Rs1.08 to a record low of Rs202.49 against the US dollar, practically falling to Rs16 in the previous 14 working days.
The Pakistan Stock Exchange plummeted 1.22 percent (or 513 points) to 41,438 points at noon, a one-year low. Experts believe that Pakistan’s political turmoil is an indication of economic instability.
According to Bloomberg, Pakistan was on the verge of becoming bankrupt as the country’s political difficulties worsened.
In the meantime, the government was hoping that the $6 billion loan package will be revived during the Doha talks.
The study was released ahead of the government’s anticipated never-ending talks with the International Monetary Fund (IMF).
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