Rupee comes under pressure once again.

KARACHI -- Pakistani currency came under mounted selling pressure for the second consecutive day on Wednesday where it fell to the one-week low at over Rs280 to a dollar in inter-bank market on panic buying of the greenback.

According to State Bank of Pakistan's (SBP) data, the currency lost 1.16%, or Rs3.26, on a day-to-day basis, closing at Rs280.29.

Market talk suggests the currency market saw panic buying of US dollars for import payments. Pakistan also made interest payments to global investors for their investment in the country's Eurobonds and Sukuk, resulting in additional demand for the greenback.

Earlier, a section of importers had put off dollar purchases as they awaited the exchange rate to settle down. Some market players had been of the view that the rupee could appreciate to as high as Rs250-260/$ in the recent one-month-long rally, which ended at Rs277/$ on Monday.

The currency recovered 11%, or over Rs30, in 28 consecutive working days, hitting over three-month high at Rs276.83/$. The rally came after the rupee touched the record low at Rs307.10/$ on September 5, 2023 before a crackdown on foreign currency smugglers and hoarders.

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