Pakistani currency hits year's low
The rupee ended at 84.15/20 to the dollar compared with Saturday's close of 83.60/70
Karachi: The Pakistani rupee closed at its lowest level against the dollar this year on Monday after the central bank said commercial banks had to provide foreign currency for imports of crude oil, dealers said.
As part of Pakistan's commitments under an International Monetary Fund (IMF) programme, the central bank said on Saturday it would stop providing foreign currency for imports for crude oil from December 14.
The State Bank of Pakistan stopped providing foreign exchange for furnace oil in February, and for diesel and other refined products in August.
The rupee ended at 84.15/20 to the dollar compared with Saturday's close of 83.60/70. "The main reason for the rupee's weakening today was the statement about banks making all purchases of foreign exchange from the market for crude oil," said a bank dealer.
