KARACHI: The US dollar gained 78 paisas against the Pakistani Rupee (PKR) on Wednesday to end at PKR 221.43 in the interbank foreign exchange market.
Currency experts said that mounting political uncertainty put pressure on the local currency.
READ MORE: Rupee gains 24 paisas to end PKR 220.65 against US dollar
The exchange rate recorded a fall of 78 paisas in rupee value to end at PKR 221.43 from previous day’s closing of PKR 220.65 in the interbank foreign exchange market.
During the last week the rupee witnessed massive deterioration against the dollar after the PTI chief announced the protest rally.
READ MORE: Rupee rebounds after Dar holds meetings with banks, exchange companies
PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.
Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).
READ MORE: Rupee crashes to dollar as PTI long march starts
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.
READ MORE: Dollar climbs to PKR 221.50 on rising political tension
