LAHORE: The Pakistani rupee on Thursday continued setting new records in its value against the US dollar as the local unit lost Rs1.78 during the intra-day trading.
The local currency was being traded in Rs293 at 10:20am with Rs1.78 decrease. The dollar has appreciated Rs9.41 against the Pakistani rupee in the last four days.
The weakening of the local unit is being attributed to the ongoing political turmoil after the arrest of PTI Chairman Imran Khan and other key leaders.
A day earlier, the local currency posted a record loss against the US dollar, depreciating Rs5.15 per cent in the inter-bank market. At around 01.50pm, the Pakistani rupee was being quoted at 290. The rupee had also sustained losses against the US dollar on Tuesday, settling at 284.84 in the interbank market.
The local unit also lost Rs3 against the greenback in open market trade amid countrywide violence after the arrest of PTI Chairman Imran Khan.
Currency experts said the depreciation in the rupee’s value came on account of a rise in uncertainty over the resumption of the International Monetary Fund (IMF) bailout programme, amid heightened political tensions.
They said political volatility had exacerbated the uncertainty in the market regarding the IMF programme. The remarks come after the National Accountability Bureau (NAB) on Tuesday arrested the PTI chief through Rangers personnel in Al-Qadir Trust case.
The high-profile arrest triggered massive protests across twin cities like in other parts of the country.
