Rupee weakens to historic low of Rs188.66 against greenback

Karachi: The Pakistani currency depreciated by Rs0.60 to an all-time low of Rs188.66 against the US dollar in the interbank market on Tuesday. The greenback was traded at Rs189.50 in the open market.

The prevailing uncertainty over the resumption of the International Monetary Fund (IMF) loan programme is said to be the major factor behind weaking of local currency. Other factors are economic instability, widening trade deficit and dwindling foreign exchange reserves. 

Pak rupee surpassed its April 7 record low of Rs188.18.