Business | Banking
Pakistani rupee slumps to fresh low
The Pakistani rupee slumped 2.6 per cent to close at a record low in a market worried about high inflation, burgeoning deficits and security.
- Reuters
- Published: 00:07 July 9, 2008
Karachi: The Pakistani rupee slumped 2.6 per cent to close at a record low in a market worried about high inflation, burgeoning deficits and security.
The currency closed at 72.85-90 to the dollar after falling as low as Rs73.04, when dealers suspected the central bank intervened to stop the rot.
A new civilian-led coalition government, sworn in over three months ago, has sought help from multi-lateral lenders and friendly governments to stave off the economic threats as the country tries to cope with soaring import costs.
Any news that loans had been approved could provide some relief to the rupee. Foreign currency reserves have dwindled to levels equivalent to less than three months worth of imports.
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