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Forex | Pakistani Rupee Hits Record Low

The Pakistani rupee ended at a record closing low on Tuesday because of high demand for dollars for payments for imports, especially oil, and dealers said they expected the currency to remain under pressure.
The rupee closed at 84.38/43 to the dollar, compared with Monday’s close of 84.30/35.

“We expect the rupee to cross 85 rupees in the short term,” said a currency dealer in Karachi.

Demand for dollars to pay for oil has increased since Monday when commercial banks have had to provide foreign currency for imports of crude oil under a central bank ruling.

As part of Pakistan’s commitments under an International Monetary Fund programme, the central bank has stopped providing foreign currency for imports for crude oil.

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 has weakened 6.23 per cent this year after losing 22.12 per cent last year.


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