Pakistan banks asked to bring in export revenue

Karachi: Pakistan's central bank told banks to bring overdue export revenue into the country on Friday, a move that may help the rupee, at a record low against the dollar, recover in the short-run although its long-term outlook is bleak.

Shamshad Akhtar, governor of the State Bank of Pakistan, said banks had to act fast to bring $200 million to $220 million worth of overdue export revenues back into the country.

Her statement came amid mounting investor expectations for the central bank to take emergency steps to rescue the rupee, which weakened to another record low against the dollar yesterday.

The Pakistani rupee closed at a record low of around 76.40/60 to the dollar on Friday, the fourth consecutive trading day it has fallen to an all-time low, amid talk that President Pervez Musharraf will quit.

Traders said the rupee ended at around 76.30/40 and 76.40/50 against the dollar. One trader said the currency traded at an intra-day low of 76.95.