The local currency posted a record loss against the US dollar, depreciating Rs5.15 per cent in the inter-bank market on Wednesday.
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 comes 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.
