Amid lackluster response from the caretaker government and the central bank, the Pakistani rupee continued to slide into historic lows against the US dollar in the interbank market. According to the figures obtained from the forex dealers, the local currency hit rock bottom against the greenback as it shed 20 more paisas, taking the US dollar to a historic high of Rs303.25 during the first session in the interbank market on Wednesday. On Tuesday, the Pakistani rupee had plunged to yet another record low against the US dollar, as it settled at Rs303.05 in the interbank market. At close, the rupee was down Rs1.05 or 0.35%. Despite securing a last-minute deal with the International Monetary Fund (IMF), the local currency has come under renewed pressure amid falling foreign exchange inflows, while concerns have risen over a widening current account deficit after authorities lifted curbs on imports.

Credit: Independent News Pakistan (INP)