Daily Times

The Pakistani rupee fell 14.5% against the US dollar, perhaps the worst month in half – century, as the country struggles with hefty import costs, diminishing foreign exchange reserves, and political instability. In the interbank market at the beginning of July, the Pakistani rupee was worth 204.85 US dollars. Despite the fact that there were fewer trading sessions owing to Eid vacations, the currency finished at 239.37 versus the US dollar on July 29, according to Business Recorder. Previously, in May 1972, the Pakistani currency fell by 57%. The decision was deemed unavoidable by the government, and its value was decreased from PKR 4.77 to PKR 11 per US dollar. Several causes, including rising domestic political tensions, limited foreign exchange reserves, and speculative behaviour on the part of stakeholders, have led to the currency’s freefall, according to local media. The currency fell in 10 of the 17 sessions.