It is clear that the change in the political scene after the top court’s decision will prove to be the most massive setback for the PML-N in its history.
The dollar has come under renewed pressure amid higher demand from importers.
Projected to continue from July 27 to 31, the Pakistan Meteorological Department warned about urban and flash flooding, along with landslides across the country.
In a scenario where panic sets in and speculative pressures mount, people start converting rupees into dollars as a hedge against risk.
Power supply was also suspended in areas where a large amount of rainwater had accumulated.
The tenuous state of the economy urges an end to political turmoil and calls for responsible economic management in the months ahead.
For a long time to come, the country may have to continue external borrowings, just to retire or service old external debts and to keep bare minimum forex reserves.
A local activist’s estimates of the devastation were much higher, however, while another accounted for the challenges of being cut off from the electric grid and potable water.
Declaring the holiday in Karachi and Hyderabad, the announcement was made after at least three people died due to rain-related incidents.
Fears have risen about Pakistan’s stuttering economy as the rupee fell nearly eight per cent against the US dollar in the last trading week.