KARACHI: The Pakistani rupee reached a new record low on Wednesday. In the interbank market, the currency reached at 287.85 against the US dollar. The rupee lost Rs0.56 or 0.2% and closed at 287.85, the State Bank of Pakistan (SBP) stated. The exchange rate had reached 288.25 to the dollar yesterday. This had come after the rupee dropped by Rs2.25 or 0.8% on Tuesday to a new record low of 287.29 against the dollar in the interbank market.

The State Bank of Pakistan (SBP) Monetary Policy Committee (MPC) has declared it was increasing the policy rate by 100 basis points (bps) to an all-time high level of 21% to combat rising inflation in a significant development that occurred after markets ended on Tuesday.