The Pakistani rupee continued to depreciate against the dollar on Wednesday, hitting a record low for the second day in a row in the interbank market at 169.5 by the start of trading.

On Tuesday, the day before, the local currency closed a historic low of 168.94 rupees against the dollar.

The rupee fell against 45 paisas and traded from 169.10 to 169.50, while trading was closed at 169.50.

The rupee, considered the least developed currency in Asia, appears to have allowed the US dollar to rally unchecked and weakened the local currency’s value, maintaining a decline to a 22-month high. From 152.27/US$ in May 2021, Rupee lost 17.36 rupees cumulatively over the past four months.

The PKR countinue to lose ground as flexible market based currency regime introduced by Dr. Reza Baqir let the Rupee float with the demand and supply dynamics of the currency market.

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