Understanding Rupee Dollar exchange rate dynamics isn't hard. People with knowledge of economics and finance would know the factors it depends upon. In summary I would say that in all likelihood, Rupee should depreciate more - unless the Government tries to contain the exchange rate in a range (which the previous Government also did) but that will have several unwanted consequences as well (stagnant exports).
If the Govt wants to take the popular decision, it won't let the Rupee depreciate by the amount it should be depreciating to correct the economy.
There are some naive comments above who are saying that Rupee was 108 or so last year under previous Govt, now it's 140 something and implying that this is caused by the new Govt. Well tbh, the way the economic indicators we have in Pak right now, Rupee to Dollar parity should have been a lot higher than what it is right now. Despite 30% depreciation in parity, it is still being contained by this Govt as well.
Most people know about the concept of Foreign Debt, but many people don't really understand the long term consequences of foreign debt and the interest and principal payments (debt servicing). Importantly, there is a level of debt that is manageable for an economy. We have crossed it. The last Govt increased the Foreign Debt so much (from some $60bn to $95+bn during 5 years) that our economy cannot just operate the way it is. Especially when our export and import gap is so huge that every month we pay more than double the amount in imports than exports. So from where does those extra dollars come from? That's right, either by getting more dollar loans or printing more rupees and buying dollars, which depreciates parity further.
The previous Govt, along with the huge increase in debt, did another masterpiece which no other Govt previously achieved i.e. reduction in exports during the 5 year tenor. On the other hand, imports increased massively - despite substantial drop in Oil import bill (which is by far the biggest imported item for us) as we should have benefited a lot from the heavy decline in crude oil prices since 2014. However what was even more upsetting was that no policy was made to encourage exports and as a result our exporters lost out to Bangladesh, China and we lost US, European and other international buyers. One reason for this was the artificial Rupee Dollar exchange rate that was aggressively maintained due to which our exports remained expensive for foreign buyers.
Anyways so the situation right now is this, we have foreign debt close to $100 bn right now whose repayments have now commenced. Meaning we have a substantially high level of debt servicing requirements each year. Plus we have current account (as imports are a lot more than imports) and fiscal deficits (expenses higher than tax income). So with that, forget about setting up new projects, but how can we pay the huge debt repayments? Right now the only option is to get foreign debts and aids that would meet the repayment requirements. Contrary to layman's opinion right now, the loans obtained by new Govt won't increase the total foreign debt (as they are used for repayments and not for setting up some project) but the thing is our foreign debt won't go down as well and we will still be facing the high repayment requirements. The only way it can go down and Rupee can ever strengthen is when our exports increase and imports reduce to a level that is manageable and tax collection is higher than Govt expenses. Unfortunately, this was never the priority for the previous Govt and the only way the country was managed was to obtain additional debt to meet the ever increasing Govt expenses, fiscal and current account deficit. It was easy sell for the common public who won't understand the long term consequences of such policies.
We always say we are in state of crises so this has become a cliche. But we cant have it both ways i.e. remain unproductive and in huge foreign debts and expect currency to remain as strong as dollar or euro (as the US and EU economies are far more robust than ours). The way the economy is right now where our sources of income are far smaller than our expenses and repayment needs, Rupee has to continue depreciating against other currencies if we want to remain competitive in world markets.