KARACHI: The free fall in the rupee value continued on Friday, as the local unit made another historic low of Rs180.57 against the dollar, dealers said.
The exchange market recorded a 50 paisas decline in the rupee value to end at Rs180.57 to the dollar from the previous day’s closing of Rs180.07.
It is the fourth straight day when the rupee continued to make new lows against the dollar.
The dealers said the rupee was under pressure due to political uncertainty, external payment demand and volatile international oil prices.
They said a no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.
The dollar demand was also mounting due to import of commodities related to the holy month of Ramazan.
The forex market is also uncertain due to the volatile oil prices in the international market. The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.
The dealers said that the decline in the foreign exchange reserves was also another reason behind the rupee depreciation.
The local currency remained under pressure since the start of the current fiscal year. It lost Rs23.03, or 14.62 per cent, from Rs157.54 against the dollar on June 30, 2021 to the current level of Rs180.57.