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.

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An ECAP representative said that once the International Monetary Fund (IMF) loan came in, the rupee was expected to gain ground against the dollar – and it did, appreciating by Rs 2.

However, he noted that the decline has since been permanent - with smaller, negligible gains - because, despite money from a global lender, the country has not received money from multilateral and bilateral organizations.

Paracha added that Asian Development Bank (ADB), World Bank (WB), and friendly countries – Saudi Arabia, UAE and Qatar – are still reluctant to lend and invest in Pakistan.

"The main reason for this is: political instability," Paracha said, noting that on the day the IMF Executive Board was about to approve the transfer of the amount to Pakistan, the PTI governments in Punjab and KP announced they would not meet the IMF's demands.

"There has been a negative impact as a result. PTI rules a huge part of the country and it has its importance [...] but right now we need political stability and the government does not have a clear vision," he lamented.

Paracha said that despite being in government, all parties behave as if they are in opposition. "No one is coming forward to provide relief to the people and no one is willing to restore the economy. Everyone is playing the blame game."

However, apart from criticizing government functionaries, Paracha praised the State Bank of Pakistan (SBP), saying that the institution has played an effective role over time through various policies.

Turning to the impact of the floods, Paracha said government officials estimated it would be around $30 billion, but he feared it could be around $50 billion.

"The losses are huge, but we don't have enough donations to bridge the gap," he said.

Flooding from record monsoon rains and melting glaciers in the mountainous north affected 33 million people and killed nearly 1,400, sweeping away homes, roads, railways, livestock, and crops.

The government also decided to import goods from Iran and Afghanistan, which in turn put pressure on the rupee, he said.