KARACHI – The Pakistani rupee dropped to fresh all-time low of Rs300 against the US dollar in the interbank market on Thursday, shedding Rs100 in last 15 months as financial crisis continues to deepen.
In early trading session, the foreign currency was traded at Rs300.37 amid fears of furthers depreciation of the rupee.
A day earlier, the Pakistani rupee had lost its value by nearly one-third, becoming the one of the worst performers worldwide.
Data shared by the State Bank of Pakistan on Wednesday showed that the Pakistani currency touched new low against the greenback, as it moved down by Rs0.63 in the inter-bank market. At the outset of intra-day trading, PKR faced marginal blows and later closed at 299.64.
The continuous free fall of rupee is narrowing gap between the interbank and open mark rates, one of the conditions laid forth by the International Monetary Fund (IMF) for its bailout package.
The Pakistan rupee has been under pressure due to high demand of dollar following the withdrawal of the import restrictions imposed by the outgoing coalition government due to shrinking forex exchange reservers.
More to follow…
