During intraday trade on Wednesday, the Pakistani rupee depreciated 0.58% against the US dollar.
At 11:20 a.m., the rupee was trading at 293.20, down Rs1.69 in the interbank market.
The rupee finished at 291.51 against the US dollar on Tuesday, its lowest level since May 11.
In a significant milestone, interim Prime Minister Anwaar-ul-Haq Kakar stated on Tuesday that the administration would preserve continuity in economic policies while also enhancing them.
Kakar stated that increasing foreign investment through the Special Investment Facilitation Council (SIFC) would remain one of the government’s top priorities.
Globally, the US dollar was on the offensive after US retail sales exceeded expectations in July, highlighting the country’s economic resiliency and bolstering the case for the Federal Reserve to maintain interest rates higher for longer.
The benchmark 10-year US Treasury yield jumped to 4.2740% on Tuesday, its highest since October.
It was last at 4.2110%.
Oil prices, a crucial indicator of currency parity, fell slightly in early trade on Wednesday, extending losses from the previous session, as the lingering impact of dismal economic data from China, the world’s largest oil importer, overcame falling US stocks.