The Pakistani rupee reeled to a record low against the US dollar on Tuesday, breaking the critical threshold of 288 against the greenback in the interbank market.

In the interbank market, the local unit closed at 287.29 against the US dollar, 0.78%, or Rs2.25, down from Monday’s close of 285.04.

Last month, the rupee hit a record low, closing at Rs285.09 per US dollar on March 2, 2023, the data released by the State Bank of Pakistan (SBP) showed. 

Financial pundits believe say that importers have recommenced the panic buying of US dollars, while the supply of foreign currency remained low in the interbank market.

Pakistan’s loan program is yet to materialize months after it raised taxes and energy prices and allowed the currency to depreciate to meet IMF’s conditions. The nation has missed multiple deadlines to resume its bailout.