The Pakistani rupee on Friday hit a new record low of Rs192.53 against the dollar after declining by 0.39% or 76 paisas in the inter-bank market, as it continued to nosedive against the greenback for the sixth consecutive working day.
The rupee briefly hit intra-day all-time low of Rs193 before partially recovering to close at Rs192.53.
The domestic currency had closed at Rs191.77 against the global currency on Thursday, according to the State Bank of Pakistan (SBP).
The latest depreciation was recorded following the central bank’s report on Thursday that the country's foreign exchange reserves had depleted to a 22-month low at $10.3 billion in the week ended on May 6, 2022.
"The rupee is weakening due to inability of the new coalition (PML-N) government in parliament to give an economic roadmap," Arif Habib Limited (AHL) Head of Research Tahir Abbas told The Express Tribune.
The dwindling reserves continued to weaken the country's balance of payments.
Last month, the rupee had recovered to Rs181 after the PML-N formed its government in mid-April from the then all-time low of Rs188.18 recorded on April 7.
The recovery was seen soon after former PML-N finance minister Ishaq Dar said in an interview that the rupee should recover to Rs160 soon.