The majority of the vehicles are also 'fully depreciated' as of Dec.

In mid-November, the State Minister for Revenue Hammad Azhar had informed the Senate that the rupee had depreciated by 7.7 per cent against the dollar during the initial months of the Pakistan Tehreek-e-Insaf (PTI) government.

Abbasi said that the value of rupee depreciated after the prime minister's address on Thursday.

Malik Bostan, President, Forex Association of Pakistan said the rupee depreciated in the open market due to demand from general public.

"The most depreciated currencies were Indian rupee depreciating by 11.7 per cent and Indonesia, by 9 per cent," the finance department said in the latest economic bulletin.

In an economic bulletin, DOF chief economist Gil Beltran said the peso depreciated by 7.39 percent year-to-date, ranking thirdamong 12 currencies of the fastest growing Asian countries.

A depreciated currency lowered the amount of nonessential imports but did nothing to increase exports.

On a year-to-date basis, the peso has depreciated by 6.18 percent (July 30, 2018 versus December 31, 2017), second only to the rupee which fell 7.03 percent versus the US dollar.

Currency traders said that though the naira depreciated marginally, it had remained stable at the foreign exchange market.

The dispute centers on whether labor costs can be depreciated in determining the actual cash value of covered damaged property under a homeowner's insurance policy.

Nevertheless, Bilwani added, the Government still desires to devalue the currency, it should be depreciated gradually and should not be done in one go.

Against the Chinese yuan, the rupee depreciated by 11.07pc.