The total amount of foreign currency in Pakistani banks has fallen by more than half since last year, largely because of a yawning trade deficit exacerbated by the high price of imported fuel.
Flows of foreign investment into the country’s once booming domestic economy that used to bridge the gap have dried up amid political instability and rising insecurity.
The Pakistani rupee has lost about a third of its value this year. The benchmark 100-stock index had already fallen more than 40 percent from a record high in April when its board of directors put a floor under it at the end of August.
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