Pak rupee marks record closing low for 4th straight day on rising outflows

Pakistan's rupee currency ended Friday's session at a record closing low of 301 per U.S. dollar, central bank data showed, continuing its slide on political concerns and rising capital outflows.

The rupee touched a record low for a fourth consecutive day and has depreciated 3.2% since Aug. 15, after a caretaker government took over.
 

The caretaker government is tasked with steering the country through to a national election that is in theory due to take place by November, while grappling with acute political tension as well as historically high inflation and interest rates.
 

The removal of import restrictions since the beginning of June has also lifted demand for the dollar.
 

Pakistan imposed the import restrictions last year to stem outflows from its shrinking foreign reserves but removing the restrictions was a condition of the IMF's bailout loan to help the crisis-ridden economy.
 

The caretaker government is tasked with overseeing at least one review of the International Monetary Fund's $3 billion standby arrangement.