New record low for the rupee, which drops to 215.2 against the US dollar.

On Monday, the rupee suffered a severe blow and fell to a record low of 215.2 versus the US dollar in the interbank market as political unrest following the Punjab by-elections sent the market into a frenzy.

Analysts claim that after Pakistan Tehreek-e-Insaf (PTI) won the elections conducted on Sunday, calls for general elections increased, once again pushing economic reforms to the back burner.

Results from the by-election have increased pressure on the local currency, which was already under strain from import payments," said by Samiullah Tariq, Head of Research at Pakistan Kuwait Investment Company.

According to Tariq, the outcomes of the by-election have also sparked questions about the International Monetary Fund (IMF) programme, and clarification on this front is needed.

As pressure mounted from import payments and the US dollar's strength, the rupee depreciated by 0.55 percent, or Rs1.15, to closed at 210.95 on Friday.