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KARACHI: The Pakistani rupee reached a record low against the US dollar on Wednesday, weakening by around 1.9% in the interbank market, as the ongoing political unrest had a negative impact on market sentiment.
As per the State Bank of Pakistan (SBP), the currency closed at 290.22, a decrease of Rs5.38.
The rupee had also sustained losses against the US dollar on Tuesday, settling at 284.84 in the inter-bank market.
According to experts, the decline is a result of growing scepticism regarding the International Monetary Fund’s (IMF) bailout program’s restart amid rising political tension.
In a key development, the Finance Ministry said on Tuesday arrangements had been made to repay or roll over this fiscal year’s $3.7 billion debt.
“This should not be any cause of concern as arrangements have been made for the rollover/repayment of this debt,” the ministry said in a statement.