KARACHI - The Pakistani rupee plunged to fresh historic low against the US dollar on Thursday, dealers said.

The dollar recorded strength against the rupee in the interbank market, dealers said. It started the day’s trading at Rs 90.24 for buying, increased 17 paisas and closed at Rs 90.41 for buying and Rs 90.46 for selling. The European currency declined strength against local currency as it initiated the day’s trading at Rs 117.72 for buying, decreased Rs 1.39 and closed at Rs 116.33 for buying and Rs 116.53 for selling.

The British pound depreciated its value against the rupee. It began the day’s trading at Rs 141.33 for buying, slumped 52 paisas and closed at Rs 140.81 for buying and Rs 141.01 for selling. In open market, the dollar witnessed strength against the rupee, dealers said. It began the day’s trading at Rs 90, gained 30 paisas and closed at Rs 90.3 for buying and Rs 90.7 for selling.

The Euro depreciated its value against the rupee as it started the day’s trading at Rs 117, declined Re 1 and closed at Rs 116 for buying and Rs 118 for selling. The British currency remained constant against local currency. It initiated the day’s trading at Rs 140.3 and closed at the same rate for buying and Rs 142.3 for selling. Reuters adds: The Pakistani rupee fell amid increased import payments, especially of oil, and because of a negative outlook on the country’s economy, dealers said.

“There are some oil import payments but there are few inflows of dollars and generally there is rising concern about the direction of Pakistan’s economy,” said a bank dealer.