The Pakistani rupee hit an all-time low against US Dollar on Wednesday, reaching Rs161 in the interbank market.

The US dollar rose by Rs3 approx at the start of the trading. On Tuesday, the rupee had closed at Rs156.98 against the dollar in the interbank market, Aaj News reported.

The sudden sharp hike in dollar has come after a staff-level agreement was reached last month between the International Monetary Fund (IMF) and Pakistan on a $6 billion bailout package averring that the rupee value would hence forth be ‘market-determined’.