Times of Oman2
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
Pakistan rupee sinks to record low versus dollar
February 11, 2013 , 8 : 34 pm GST
SAVE THIS ARTICLE
The rupee fell to 100.1 to the greenback in trading in Karachi, down from 99.30 on the open market on Friday. Photo — Bloomberg file picture
The Pakistani rupee yesterday sank to an all-time low against the US dollar over forex reserve fears as the country repayed $146 million to the International Monetary Fund.
The rupee fell to 100.1 to the greenback in trading in Karachi, down from 99.30 on the open market on Friday, and has now lost 39 per cent of its value against the US currency since March 2008.
"We have traded the dollar at 100.1 rupees, although there is a slight difference in the open market," said currency dealer Mohammad Arshad.
The official inter-bank rate for the dollar is 98 rupees, but Mohammad Sohail, who heads brokerage firm Topline Securities, confirmed it had crossed 100 on the open market.
Pakistan had a $10.7 billion IMF loan until September, but had drawn only about a third of it. The government has indicated it would not seek a new loan.
Pakistan repaid $145.79 million to the International Monetary Fund yesterday and is scheduled to repay another $375 million on February 26, according to Syed Wasimuddin, spokesman for the country's central State Bank.
So far Pakistan has repaid $2.57 billion, $1.5 million this fiscal year, ending June 30, according to the central bank.
"The rupee is likely to remain under pressure because of IMF repayments," said Sohail.
"The foreign exchange reserves have declined to $8.7 billion as of January 31 from $10.8 billion at end-June 2012," said the central bank last week.
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter Image Text:
No Comments Posted
Latest in this section
AstraZeneca drugs group says profits halved, blames generics
Determined to help control prices, end monopoly: Oman Chamber of Commerce and Industry
Oman eyeing Africa for non-oil exports
Omantel allots 95% shares in its public offer
Omran opens new four-star Crowne Plaza Hotel in Duqm
TOP RATED ARTICLES
India’s Modi ‘overwhelmed’ by mass support in Varanasi
Everyday I tell him that I love him
Susan French/Tony James Features
Petroleum Development Oman’s OMR5.5m pledge for society
A E James
Royal Oman Police urge caution over summer thefts
Fahad Al Ghadani
Royal Oman Police arrests fraudster for defrauding money exchange shop
Times News Service
More in News
More than just a moustache - Adolf Hitler vs Charlie Chaplin
Urban gardens greening Berlin rooftops, airfield
Italian violinist strikes a chord with street children
Tips for writing a good article
How to choose your writing form and communicate your creative thoughts
Natasja Engholm - Special to Times of Oman
More in Features
This is the end of the two-state solution
Indian women target of a vicious campaign
Target the companies that pollute most
Turkey must take the lead role to end conflict in Syria
Attempts to remake Eden are dangerous
More in Columns
Get Top news by E-mail.
Copyright � 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial