KARACHI, July 26(ABC): The rupee lost ground for the seventh consecutive session on Monday, closing at an all-time high of 229.88 against the US dollar in the interbank market as negative sentiment arising from Pakistan’s political front persisted.
However, on a slightly positive note, the rupee regained some ground after having slipped to 232 in intraday trading.
According to data released by the State Bank of Pakistan (SBP), the local unit closed at 229.88 against the US dollar — surpassing its last record low of 228.37 against the greenback after a fresh decline of Rs1.51, or 0.66%.
Fears have risen about Pakistan’s stuttering economy as its currency fell nearly 8% against the US dollar in the last trading week, while the country’s forex reserves stand below $10 billion with inflation at the highest in more than a decade.