ISLAMABAD: The rupee slid to the record-low level against the US dollar in interbank trading on Tuesday after touching the Rs299 mark at one point as the local currency lost Rs1.87 against the greenback Previously, it was earlier this year on May 11 when the dollar had fetched Rs298.93 in official exchange rate. The reason behind this depreciation is the easing in import restrictions that has lifted demand for the dollar after months of contraction which also ensured that Pakistan was able to ensure a huge reduction trade deficit during the last fiscal year. On the other hand, the rupee was performing even worse in the open market with the dollar available for Rs312, representing a Rs8 loss during a single session. The previous session on Monday saw the rupee shedding Rs1.35, or 0.45 per cent of its value, in the official exchange rate. Meanwhile, the latest losses come on a day when the dollar is down against major currencies in global money markets with the greenback easing from recent 10-weak peaks on Tuesday as global risk appetite, hurt by a jump in US government bond yields and a weakening Chinese economy, staged a rebound. DNA
