ISLAMABAD, July 19(ABC): The Pakistani rupee continued its downward spiral on Tuesday, falling to a new low of 216.75 against the dollar in early morning interbank trade.
The local currency fell by Rs1.55 after yesterday’s close of Rs215.20, at the time a record low.
Data released by State Bank of Pakistan yesterday showed that the rupee lost Rs4.25, or 1.97%, against the US dollar.
It is the highest day-on-day depreciation after March 26, 2020.
On June 22, the rupee had closed at a record low of 211.93 against the greenback and since then the currency has remained volatile.
The ruling PML-N’s thumping in the Punjab by-elections has triggered political uncertainty along with import pressure taking the Pakistani rupee to new lows.