ISLAMABAD – Shattering all previous records, the rupee fell to an all-time low against the dollar for the second day in a row on Tuesday, closing at Rs222 in the interbank market. Mettis Global Director Saad Bin Naseer said the rupee was seeing a decline due to “panic buying [of the dollar] by banks in the interbank market”. “The dollar is getting stronger in the global market against almost all the world currencies. Exchange Companies Association of Pakistan General secretary Zafar Paracha, however, disagreed with Naseer and said there was “no demand” for dollars in the open and interbank market. On Monday, the dollar had reported a record single-day appreciation in the interbank market to reach Rs215.20 from Rs210.95.
