KARACHI: The rupee continued its relentless downward march against the US dollar on Wednesday with the local unit losing Rs5.16 in interbank trade.
The rupee nosedived to an all-time low of Rs290 surpassing its previous low of 288.42 registered on April 11.
The local unit lost ground after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan was taken into custody a day earlier on charged of involvement in Al-Qadir Trust case.
Samiullah Tariq, head of research at Pakistan-Kuwait Investment Company, told Geo.tv that uncertainty regarding the International Monetary Fund (IMF) and increasing political uncertainty is impacting exchange rate.
“The rupee-dollar parity doesn’t seem linked to the actual supply and demand of dollars,” he analyst maintained.
Details to follow…