Karachi, Pakistan: Pakistan currency has recorded its lowest value against US dollar. The drop was recorded because of decline of Rs 1.81 in inter-bank market during intra-bank trading.
The local currency depreciated around Rs 1.54 against the greenback to settle at Rs 175.73 on Friday. Cumulatively, the local currency has lost around Rs 5.76 during the last seven days.
Analysts believe the demand for the foreign currency stood higher than supply amid an increase in import payments, rising global commodity prices and uncertainty about the resumption of the IMF loan programme.
The currency last dropped to a record low of Rs 175.26 against the US currency on October 26.
The fall is continuing amid the rising inflation in the country. Prices of daily needs have soared to a new high in Pakistan, drawing condemnation and large-scale protests against the government by the opposition.
Reza Baqir, SBP Governor, had earlier created quite a stir on social media after he defended the rupee depreciation saying it benefited overseas Pakistanis and claimed that inflation in the country was artificial and would be controlled.