![]() On Wednesday, Pakistan Minister for Finance and Revenue Miftah Ismail expressed hope that the pressure on the rupee would ease in a couple of weeks. Since the start of 2022, the rupee has lost over 30 per cent of its value, according to the Foreign Exchange Association of Pakistan. The financial markets remained jittery amid an ongoing political crisis. They are only concerned with saving their government,” Paracha said. “The country’s political situation is bad but the government and political parties appear to be unconcerned. Zafar Paracha, the General Secretary of the Exchange Companies Association of Pakistan, blamed the political situation and the government’s lack of action for the continuous rupee depreciation. The Pakistani currency lost 4.48, or 1.89 per cent, compared to yesterday’s close of 236.02 by 12:03 pm, the Dawn newspaper reported quoting the Forex Association of Pakistan (FAP). Pakistan rupee depreciated at a record low against the US dollar on Thursday as it dropped to PKR 240.5 against the dollar in the interbank market. Moreover, Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to the unavailability of raw materials amid import restrictions and exchange rate volatility, officials at both companies said. The current account deficit (CAD) swelled to USD 17.4 billion in FY22. The extra yield investors demand to hold Pakistan’s sovereign debt over US Treasuries exceeded 1,700 basis points, according to JPMorgan Chase & Co data, an American multinational investment bank. The Pakistani Rupee is down 23 per cent this year.
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