The Pakistani rupee took a breather on Tuesday morning in the interbank market after a severe hammering by the US dollar a day earlier but soon it once again crumbled under the growing pressure and plunged to record low, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency suffered a heavy loss against the greenback and ended the day at Rs299.01, depreciated by Rs1.88 paisas. This was the second time the rupee has crumbled to historic low of Rs299 after June.
On Monday, the Pakistani rupee remained under pressure against the US dollar, as it settled at Rs297.13 in the interbank.
Experts of the view that the week had commenced with pressure on the rupee and predicted that a similar situation would persist in the near future. They blamed losses in currency markets on “mafias of speculation and manipulation”.
In a key development, caretaker Finance Minister Shamshad Akhtar held her first meeting on the power sector after assuming charge.
Reporter Ashraf Khan