ISLAMABAD, Aug. 15 (Xinhua) -- The Pakistani rupee has suffered a significant decline against the U.S. dollar as the greenback was traded at 291.51 rupees in the interbank market on Tuesday, according to the State Bank of Pakistan (SBP).
The U.S. dollar closed at 288.49 rupees on Friday. On the first working day of the week following a public holiday, the local currency depreciated by 3.02 rupees, or 1.04 percent, against the U.S. dollar, official figures showed.
The rupee reached its weakest level against the greenback in the interbank market since May 11.
Head of the Forex Association of Pakistan Malik Bostan told Xinhua that the fall occurs as a new prime minister took oath for Pakistan's caretaker government on Monday and there is a sense of uncertainty in the market regarding the upcoming cabinet.
Moreover, one of the key reasons for this fall is the "absence of strict monitoring of the banks for exchange rates by the government which ended with the end of its tenure," he added. ■
