Business News
Pakistan rupee breaks new record low against dollar
Jul 7, 2008, 7:32 GMT
Karachi - Pakistan's troubled rupee slumped to a new record low on Monday against the US dollar over continued political and economic uncertainties, traders said.
The rupee plunged to 71.10 against the dollar to trade at 70.50/71 in the open market during the afternoon trade.
The fresh decline was lower even from Thursday's rate which breached 70 for the first time.
In the inter-bank market, too, the rupee was trading at its lowest at 70.60/70.70 against the dollar.
Rising import pressure due to soaring international oil prices amid dwindling foreign exchange reserves at the central State Bank of Pakistan is creating enormous pressure on the rupee.
Political uncertainty caused by differences within the three-month old fractured ruling coalition is also clouding economic growth and scaring foreign investors.
Since January, the rupee has dipped by over 16 per cent against the dollar while the Karachi Stock Exchange's main KSE-100 Index has lost around 30 per cent.
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