Karachi  - The Pakistani rupee slumped again to come closely to a record low on import pressure and slow market activity, dealers said.

The rupee in the inter-bank market was quoted at 68.70/69.25 (buying/selling) to the dollar on Thursday as compared with 68.60/69.10 on Wednesday. The rupee hit its lowest level in the inter-bank on May 9 at 69.40/69.60.

There are rumours in the market that central bank might impose some tightening measures before the first week of July economic review. The rumours led panic buying by some importers to cover their forward positions.

The rupee has lost over 11 per cent since the start of 2008 mainly due to rising international oil prices and slow exports.

Pakistan imports 85 per cent of its energy needs. The country's trade deficit already soared to over 16 billion dollars during the last fiscal 10 months (July-March) as compared with 13 billion during the entire fiscal year.

In an unofficial open market too the rupee fell to 68.70/69 against the dollar as compared with 68.35/68.50 on Wednesday. (dpa)