Negative economic indicators and uncertainty over resumption of the International Monetary Fund (IMF) programme pushed the Pakistani rupee towards a new historic low against the US dollar, as the currency settled over the 287 level for the first time in the inter-bank market on Tuesday.
The State Bank of Pakistan reported that the rupee closed at 287.29, a loss of Rs2.25 or 0.8%. This is the lowest level for the Pakistani rupee since it hit 285.02 against the greenback in March this year. Pressure on the rupee continued from a day prior, when it closed at 285.04 in the inter-bank market against the dollar, a decline of Rs1.25 or 0.44%.
Source: brecorder.com