Karachi: The Pakistani rupee on Thursday depreciated against Dollar and fell to a record low due to negative sentiment surrounding the country’s economic outlook, and strong dollar demand for oil import payments amid soft inflows.
On Thursday, the rupee closed at 86.80/85 to the dollar — its weakest ever closing — down from 86.64/70 on Wednesday.
As dollar payment are higher in July and August due to increased oil demand and debt payment, Dealers said the rupee is likely to further depreciate.
A dealer said that the rupee hit a record low of 86.85 today, and the main reason for the rupee being under pressure was because it’s sentiment driven.
Dealers said increased remittances from Pakistanis working abroad had supported the rupee and shielding the currency from a sharp fall in recent weeks, but the increased dollar demand over the last week pushed the rupee lower.