The Pakistani rupee continued to fall against the US dollar, falling 0.23% during interbank trading on Tuesday.
At 10:25 a.m., the rupee was trading at 302.7, down Re0.70 in the interbank market.
On Monday, the rupee hit a historic low against the US dollar, closing at 302.
Despite negotiating a last-minute settlement with the International Monetary Fund (IMF), the currency has come under additional pressure due to declining foreign exchange inflows, while fears over a growing current account deficit have grown since authorities loosened import controls.
Internationally, the US dollar was cautious on Tuesday as traders avoided huge wagers ahead of a flood of economic data this week, while the yen struggled around levels that prompted intervention last year.
This viewpoint gained traction when Fed Chairman Jerome Powell suggested on Friday that further rate rises may be needed to cool still-too-high inflation, though his commitment to proceed with caution at upcoming meetings added some doubt.
After falling 0.2% on Monday, the dollar index, which measures the US currency against six main rivals, fell 0.077% to 103.85. The index is up 2% this month as strong economic data has raised predictions that interest rates will remain high for longer.
Oil prices, a crucial measure of currency parity, were flat on Tuesday as concerns that more US interest rate hikes could dampen demand were offset by fears that a tropical storm near the US Gulf Coast could disrupt supply.
