Rupee down Rs1.05 to close at 303.05 against dollar in interbank

KARACHI: The Pakistani rupee on Tuesday hit a new low against the US dollar, depreciating 0.35% to close at 303.05 in the interbank market.

At close, the rupee was down Rs1.05 or 0.35%, as per the State Bank of Pakistan (SBP).

On Monday, the rupee had closed at the then-record low of 302 against the US dollar.

In the open market, the US dollar reached the 323 level as gap with the inter-bank rate widened to over 5%.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).

Despite securing a last-minute deal with the International Monetary Fund (IMF), the currency has come under renewed pressure amid falling foreign exchange inflows, while concerns have risen over a widening current account deficit after authorities lifted curbs on imports.