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PKR hits historic low, closes at Rs222 against dollar in interbank

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The result was an all-time low against the dollar. According to the Forex Association of Pakistan (FAP), the greenback rose by Rs 8.8, or 4 percent, to Rs 224 at around 2:30 pm from the previous day's close of Rs 215.20. Hoover, according to the State Bank of Pakistan (SBP), closed at Rs 221.99, still up 3.1 pitch. Saad Bin Naseer, director of Matis Global, said the rupee was seeing a depreciation due to "panic buying [of the dollar] by banks in the interbank market". He said that after by-elections in the province's 20 seats, "financial markets are panicking following fears of a change [of government] in Punjab and at the Centre". In the by-elections, the PTI won a landslide victory against the ruling coalition led by the Muslim League (N). After the victory, PTI has demanded early elections. Naseer added that Fitch rating agency's downgrading of Pakistan's outlook from stable to negative added to the panic in the market. Additionally, he said, the