Rupee falls to a new low.

KARACHI: The rupee fell to a new low of Rs185.23 on Tuesday, owing to political and economic uncertainties in the country, as well as unpredictable international commodity prices.

The local currency lost Rs1.14 versus the dollar in the interbank foreign exchange market on Friday, after ending at Rs184.09. The market was closed on Monday due to a bank holiday declared by the State Bank of Pakistan (SBP) for the purpose of Zakat deduction.

The rupee has remained under pressure due to political uncertainty in the country, demand for external payments, and volatile international oil prices as a result of the Russia-Ukraine conflict, according to dealers.

On Tuesday, WTI crude and Brent oil prices were observed going upward as the European Union (EU) is thought to be working on a deal.