KARACHI: Pakistani rupee Monday (today), after by-elections on 20 seats of Punjab. to a new low against the US dollar in the inter-bank market.
Since the opening of the market the rupee has depreciated against the greenback by Rs4.30, as per the Exchange Companies Association of Pakistan.
It remains to be seen where the local currency will settle at the end of the day’s trading.
The dollar is currently being sold for Rs 215.25 in the inter-bank market, bringing the local currency to an all-time low.
The ruling PML-N’s thumping in the Punjab by-elections that has triggered political uncertainty along with import pressure too resulted into the decrease of the rupee.
On June 21, the rupee had closed at a record low of 211.48 against the greenback and since then the currency has remained volatile.