The Pakistani rupee has depreciated to an all-time low exchange rate against the US-Dollar after the Pakistan Stock Exchange attack in Karachi.
According to the details, the Pakistani currency dropped from the previous exchange rate of 45.58 to 45.64 against the UAE dirham – a significant drop for the large-scale trade. Following the Stock Exchange attack, the rupee once again recovered to its former value.
The Pakistani rupee depreciated by 0.3% against the US dollar, settling at 167.6. The rupee had been sustaining a constant drop in the past five weeks against the American dollar. The Stock Exchange attack in Karachi on Monday exacerbated the drop resultantly, the rupee hit an all-time low value against the dollar.
On Monday, four armed personnel stormed the Pakistan Stock Exchange in Karachi at 10 a.m. The security guards intervened and attempted to stop the attackers. A confrontation broke out between the guards and the attackers and resultantly, the four attackers and six persons from the stock exchange died. The Baloch Liberation Army later claimed responsibility of the attack and said that it had aimed to seriously maim the Pakistani economy.
The Covid-19 pandemic had already strained the struggling Pakistani economy. Due to the ensuing lockdown, business and trade were stymied that which took a considerable toll on the economy. The ongoing depreciation of the rupee is another premonition for the struggling Pakistani economy.