Driven by market speculation and panic over low foreign exchange reserves, the rupee has been on a downward trend for several weeks, and fell for the sixth session in intra-day trading on Thursday.

A final rate will be determined after the inter-bank market closes.

In the open market, the rupee was trading in the 192-193 range with dealers saying that there is a clear shortage of dollars as well, attributing it to a lack of greenback sellers.

The currency crisis has been worsened due to uncertainty regarding resumption of the International Monetary Fund (IMF) bailout programme and Pakistan government’s willingness to meet conditions of the Washington-based lender.

On Wednesday, rupee had closed at its then historic low of 190.02 against the greenback, according to the State Bank of Pakistan, after a day-on-day fall of Rs1.36, or 0.72%.

Pak-Kuwait Investment Company Head of Research Samiullah Tariq said the rupee declined to Rs191.75 in intra-day trading with quotes going as high as 192.

“Banks gave quotes of Rs192 and more as well, however, it is uncertain if rupee traded at that value or not,” he said.

Ismail Iqbal Securities Head of Research Fahad Rauf told Business Recorder that the latest depreciation stems from speculation in the foreign exchange market ahead of a meeting between Pakistan’s economic managers and IMF leadership.

An announcement with regards to the IMF programme is in the offing, which is expected to steer the direction of the local currency in the next few days.

Market projects that rupee will remain volatile until the resumption of $6 billion IMF bailout.