News
Friday, May 09, 2008
Rupee hits record low against US dollar
KARACHI: The Pakistani rupee fell 0.95 percent against the US dollar on Thursday to a new record low and it has now depreciated 8.9 percent since the beginning of the year. Dealers said the rupee was under pressure from increased demand for dollars from importers, particularly for purchases of oil, with crude prices scaling record highs. The rupee closed at 67.08/20 to the dollar compared with the previous closing low of 66.45/55 set on Wednesday. “We are not seeing any inflows and at the same time international oil prices keep rising,” said a bank trader. Dealers said the rupee could fall to as low as 70 to the dollar in coming days. reuters
Courtesy Daily Times