By Web Desk 
The Pakistani Rupee (PKR) has continued its downward trend against the US dollar, hitting a new low in the currency exchange market. On September 30, 2024, the PKR was trading at around 310 against the dollar, marking one of the steepest declines in recent years.
This devaluation is attributed to multiple factors, including the widening trade deficit, diminishing foreign exchange reserves, and political instability, which have shaken investor confidence. The country’s increasing reliance on imports, coupled with the global rise in commodity prices, has put immense pressure on the local currency.
The depreciation has had a ripple effect across various sectors, with importers bearing the brunt as the cost of raw materials and goods has surged. This, in turn, is expected to contribute to a rise in inflation, impacting the purchasing power of the average Pakistani.
Economists are urging the government to take swift measures to stabilize the currency by attracting foreign investment, enhancing exports, and negotiating better terms with international lenders. Until these steps are taken, the rupee’s value is likely to remain under pressure, affecting the overall economic health of the nation.