KARACHI: Due to political upheaval and heightened import pressure brought on by the landslide victory of the ruling PML in the Punjab by-elections, the Pakistani rupee hit a new low versus the US dollar on Monday in the interbank market.
At the opening of trading, the rupee depreciated by 0.05 rupees against the dollar. After trading for the day, we are unsure of where the local currency will end up. The dollar is currently being exchanged on the interbank market for Rs212, which represents an all-time low for the local currency.
On June 21, when it closed at 211.48, the rupee struck a record low against the dollar. Since then, the currency has continued to fluctuate. Head of Research at Pakistan-Kuwait Investment Company Samiullah Tariq attributed the decrease in the currency to political instability and pressure on import payment schedules.
