Pakistani rupee hits record low against US dollar

Karachi: The ruling PML-N’s defeat in the Punjab by-elections provoked political uncertainty. That is why import pressure took the Pakistani rupee to a new low against the US dollar in the interbank market Monday. Data released by the State Bank of Pakistan (SBP) indicated that the local unit lost Rs4.25, or 1.97%, against the US dollar to close at an all-time low of Rs215.20. It is the highest day-on-day depreciation after March 26, 2020.