The rupee continues to decline to close at Rs 234.32 in the interbank market
KARACHI: The Pakistani rupee continued to lose against the US dollar for the ninth consecutive session on Wednesday amid a bleak economic situation and nationwide floods. The local unit fell by Rs 2.40 in the interbank market to close at Rs 234.32, down from the previous close of Rs 231.92 against the dollar, according to the State Bank of Pakistan. In addition to the floods, which even overshadowed the renewal of the International Monetary Fund (IMF) program recovery, the country is also witnessing political instability that keeps investors on their toes. Political instability has been ongoing in Pakistan since the overthrow of Imran Khan's government in April. Despite the past months, investors have had several doubts about the policies of the current government. The Secretary General of the Stock Exchange Association of Pakistan (ECAP) Zafar Paracha told Geo. tv that it is imperative that all stakeholders come to the negotiating table and resolve Pakistan's issues. Hunt