Karachi (Staff Report/Agencies): Downward trend persisted in the value of Pakistani rupee against the US dollar on Thursday.
The local currency hit a new level of 229 against the dollar in open market.
According to analysts, rupee further decreased due to the rising demand for the foreign currency, despite a lack of supply in the interbank market. They said political uncertainty was also main factor behind the significant depreciation of the rupee.
The State Bank of Pakistan (SBP) has stated that the current account situation, under the dynamic market-based exchange rate system, corresponds to news of internal uncertainty led to fluctuations in the value of the rupee on a daily basis.
The central bank added that the dollar’s appreciation is also a result of an aggressive interest rate policy adopted by the United States Federal Reserve to control internal inflation.