The Pakistani rupee was steady on Tuesday, supported by a central bank statement that it was committed to the stability of the currency but sentiment cautious because of political and economic concerns.

Dealers said they had adopted a wait-and-see approach to trading after data late on Monday showed consumer inflation rose to its highest level in more than 30 years and amid political uncertainty. They had not seen any trade conducted by 0502 GMT.

The rupee was quoted at 68.00/50 to the dollar, compared with Monday's close of 68.00/69.00. Trade has been thin since the rupee hit a record intraday low of 69.47/67 and a record closing low of 69.40/60 on Friday.

"Sentiment has improved after the State Bank's comments," said a dealer in Karachi.

Central bank Governor Shamshad Akhtar said on Monday the bank was committed to exchange rate stability, would ensure liquidity through "calibrated intervention", and had stepped up vigilance in the interbank market.

Annual consumer inflation shot up in April to more than 17 percent and wholesale inflation jumped to 23.5 percent, figures released on Monday showed.

The data hardened expectations the central bank will have to raise its key interest rate before its scheduled meeting in July.

Inflation is at its highest since 1975 when annual average prices rose 26.7 percent. Analysts said monthly data only started being released in 1991 and therefore it was difficult to make an exact comparison of inflation figures.

The rupee has fallen 10.4 percent this year as a brewing political crisis has undermined a currency already under pressure from a mounting oil import bill, inflation and a burgeoning fiscal deficit. Analysts called for aggressive action by the central bank.

"The rupee's sharp plunge in recent weeks creates an immediate need for authorities to stabilise market sentiment," Mirza Baig, strategist at Deutsche Bank, said in a note on Monday.

"Sharper monetary tightening would be well warranted, if not popular, given negative real rates and low level of FX reserves (relative to the current account deficit)." -Reuters