KARACHI – Pakistani rupee continued to slide further against the US dollar in interbank as the local unit further depreciated in the early hours of trade on Tuesday.
Before noon, the rupee moved down around Rs1.76, in the inter-bank market, and was quoted at 303.50.
In the previous session, the dilapidating currency closed at a then-record low against the greenback at 302.
Pakistani currency remained under pressure amid shrinking inflows, and amid widening current account deficit.
Experts suggest that soaring imports mount pressure on local currency as demand for the USD stood high for overseas purchases.
In the open market, the rupee shattered all previous records and was being quoted over Rs315. In the last couple of weeks, the currency had lost over Rs12 against the dollar in retail dealings as government ended all import restrictions in line with IMF demand.
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