KARACHI, May 19 (ABC): With the uncertainty over the revival of the International Monetary Fund (IMF) loan programme amid increasing political pressure on the government to announce snap polls, the Pakistani rupee slumped to a new historic low in the interbank market.
With a fresh decline of Rs1.81, or 0.91%, the local currency was trading at Rs200.20 against the greenback at 10:13am during intraday trade on Thursday.
The rupee had closed at Rs198.39 yesterday; however, in line with the analysts predictions, the currency surpassed the startling milestone of 200 within the first few hours of trading today.
The domestic currency has maintained the trend of making and breaking records for the eighth consecutive working day as it cumulatively lost nearly 8% or Rs15 in the last ten sessions.
The currency hit a record low of Rs188.66 on May 10. It then plunged to Rs190.02 on May 11, fell over Rs191 on May 12, reached Rs192.52 on May 13, sank below Rs194 on May 16, down to Rs195.74 on May 17 and closed at Rs198.39 yesterday (May 18).
It is worth mentioning that the country follows a market-based exchange rate where the currency moves are determined by the market forces of demand and supply.