Pakistan's rupee falls to record low

Karachi: The Pakistani rupee slumped to a record closing low against the dollar on Tuesday as oil importers bought the US currency to meet record high crude prices.

The rupee was quoted at 69.60/90 to the dollar at the close, compared with 69.25/50 on Monday. It surpassed the previous record closing low of 69.40/60 on May 9. The currency has dropped 12.9 per cent since the beginning of the year.

Annual inflation has jumped to a 30-year high and both the fiscal and trade deficits are widening under the relentless rise in world crude and agricultural prices.

"Trade was extremely thin today and the outlook still remains bleak," said a currency trader based in Karachi.