Pakistani rupee depreciated against the dollar by two rupee and nine paisas on Wednesday, with the greenback reaching an all-new record level of Rs227 in the inter-bank market. This is the fourth consecutive day where the rupee has fallen on the back of political uncertainty triggered by the result of the Punjab Assembly by-election and on talks with the International Monetary Fund.

The rupee slid by Rs3.01 against the dollar during the early morning trade in the inter-bank market yesterday (Wednesday). The downward trend continued when the markets opened today (Thursday).

At the close of trading on Wednesday, PKR was being traded closed at Rs224.92.

Expressing concern over the recent developments on the economic front, the State Bank of Pakistan termed the ongoing fiscal year as the most challenging for the country’s economy. It said that the situation is worse when compared to the challenge of the Covid-19 pandemic because of global commodity prices and the geopolitical situation.