Currency: Rupee nears record low against dollar
rupee ended at 87.64/67 to the dollar
Reuters
November 25, 2011
Less than a minute read
KARACHI:
The Pakistani rupee fell on Thursday, inching closer to its record low, taking cue from regional markets as investors have become more bearish on most emerging Asian currencies in the last two weeks while Europe’s debt crisis deepens. The rupee ended at 87.64/67 to the dollar, weaker than Wednesday’s close of 87.50/55. It hit a record low at 87.92 to the dollar in September. “There is negative sentiment regionally but also there is some concern about Pakistan’s economy as reserves are also falling,” said a dealer at a foreign bank. Pakistan’s foreign exchange reserves fell to $16.96 billion in the week ending November 18, after hitting a record $18.31 billion in the week ending July 30. There was also some concern on the economic front following the International Monetary Fund’s (IMF) assessment that outlook for Pakistan’s economy for the current year ending June 2012 was “challenging”, dealers said.
Published in The Express Tribune, November 25th, 2011.
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