The rupee fell by Rs2.4 against the dollar in the inter-bank market on Wednesday, for the ninth consecutive day. The greenback closed at Rs234.32, the State Bank of Pakistan reported.

The dollar appreciated by Rs2.1 on Tuesday, the SBP reported. This comes as Pakistan deals with the flood crisis and rising inflation. Finance czar Miftah Ismail had said that such gains against the local currency were because of the rising greenback demand for import payments.

Many currency experts have expressed concerns over the political uncertainty and “strict policies” for dollar trade, adding that such developments were affecting the market sentiments.

Moreover, the price of 24 karats per tola gold witnessed an increase of Rs500 on Tuesday and was sold at Rs156,500 against its sale at Rs156,000 the previous day, the Associated Press of Pakistan reported.

The price of 10 gram 24 karats also increased by Rs429 and was sold at Rs134,174 against Rs133,745 whereas that of 10 gram 22 karats went up to Rs122,992 against its sale at Rs122,600, All Sindh Sarafa Jewellers Association said.

The price of per tola and ten-gram silver remained constant at Rs1,570 and Rs1s346.02 respectively. The price of gold in the international market decreased by $2 and was sold at $1,730 against its sale at $1,732.

Read more: Why is the value of the dollar increasing this time?

The SBP said that it has not imposed any restrictions on the import of raw materials. “Prior permission is required only for import of CKD motorcars, mobile phones and machinery under HS codes 84, 85 and certain codes with prefix 87 through EPD circular letters in May and July,” it said in a series of tweets.

The central bank has already approved more than 7,000 cases received to date. However, it added that there might be some delays because of “inaccurate or insufficient information” submitted to the SBP.

The story will be updated till the market closes.