LAHORE: The Pakistani rupee fell to another historic low on Tuesday, closing at Rs222 in the interbank market.

According to the State Bank of Pakistan, the rupee had fallen to Rs221.99 as markets closed for the day, depreciating Rs6.79 against the previous day’s close of Rs215.20. A market expert told local media that the rupee’s fall could be attributed to the panic resulting from the Pakistan Muslim League-Nawaz’s loss in Sunday’s by-polls in Punjab, which had engendered fears of a change of government in Punjab and the centre.

The local currency had decreased to settle at an all-time low of Rs215.20 on Monday. The rupee has been under intense pressure over the past several months as a result of dollar’s rising demand and a steady drop in the State Bank’s foreign exchange reserves.