Pakistan is heading towards a great depression. The rupee is losing its value day by day. Our currency hit a new record low against the US dollar today by reaching Rs 74.60 in the open market amidst speculations that it would shed still more value in the days to come. The negative economic development and political uncertainty is hurting business. The problem is likely to exacerbate further because even the exporters are holding their export proceeds abroad with the aim to getting better exchange rate in future. The rupee is showing vulnerability against the US dollar and other major currencies. -ZULFIKAR SAEED, Islamabad, via e-mail, July 9.