The Pakistani currency maintained a freefall for a second consecutive day, plunging by a fresh 4.78% (or Rs12.87) to a new all-time low of Rs268.30 against the US dollar in the interbank market at around 10:30 am on Friday.
Yesterday, the currency recorded the single largest slump in a day of 9.61% (or Rs24.54) to Rs255.43 against the greenback. Accordingly, the rupee has recorded a cumulative drop of almost 14% (or Rs37.41) in just two days.
The currency saw a steep fall following the government ending its control over the rupee-dollar exchange rate and letting market forces determine it under an International Monetary Fund (IMF) condition.
Pakistan is all for reviving the stalled IMF loan program of $6.5 billion to avert the looming high risk of default on international payments.