KARACHI – The free fall of the Pakistani rupee continues during Tuesday’s ongoing session against the US dollar as demand for the foreign currency has increased following the withdrawal of the import restrictions.
As of 12:00am, the local currency has plunged by Rs1 as the dollar is being traded at Rs303 in the interbank market.
In open market, the US dollar is being traded at Rs318 after it appreciated by Rs3 against the rupee.
A day earlier, the dollar delivered another blow to the Pakistani rupee in the interbank trading on Monday.
Data shared by State Bank shows the US dollar hit an all-time high against Pakistani rupee, setting new record. PKR moved down to an all-time low and settled at 302 rupees.
Rupee remained under pressure as the country ended all curbs on imports, as earlier Islamabad restricted outflows from its dilapidating foreign reserves.
The removal of those curbs started in June this year as a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.
The country is currently being governed by an interim setup while the market is marred by political and economic turmoil.
