Pakistan’s rupee closed at a record low of 299 rupees against the dollar in the interbank market on Tuesday following an easing in import restrictions that has lifted demand for the dollar, central bank data showed.
Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.
Traders said the rupee fell 0.6% to an intraday low of 299 against the dollar. On May 11, it logged a record closing low of 298.93. That was two days after former prime minister Imran Khan was arrested on allegations of graft, plunging the country further into political turmoil.
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