Pakistan rupee breaks new record low against dollar

Business News

Jul 7, 2008, 7:32 GMT

Karachi - Pakistan's troubled rupee slumped to a new record low on Monday against the US dollar over continued political and economic uncertainties, traders said. The rupee plunged to 71.10 against the dollar to trade at 70.50/71 in the open market during the afternoon trade. The fresh decline was lower even from Thursday's rate which breached 70 for the first time. In the inter-bank market, too, the rupee was trading at its lowest at 70.60/70.70 against the dollar. Rising import pressure due to soaring international oil prices amid dwindling foreign exchange reserves at the central State Bank of Pakistan is creating enormous pressure on the rupee. Political uncertainty caused by differences within the three-month old fractured ruling coalition is also clouding economic growth and scaring foreign investors. Since January, the rupee has dipped by over 16 per cent against the dollar while the Karachi Stock Exchange's main KSE-100 Index has lost around 30 per cent.

Talkback

There are currently no comments for this article. Be the first to comment! (no registration required)

Similar articles

Pakistan to seek 30 billion dollars from Friends of Pakistan
Official: Pakistan to cut interest rates, inflation
Asian Development Bank offers to double Pakistan's aid
(eca129): Pakistan to ask IMF for additional loan of 4.5 billion dollars
Pakistan to ask IMF for additional loan of 4.7 billion dollars

Latest Headlines in Business

Business: Index

: News; Features; Currency Conversion

Latest Articles on The Tech Herald

BitDefender: Trojans amounted for half of threats discovered in June
Q&A: Proginet CIO Kevin Bohan
iPhone 3GS sends AT&T registers into overdrive
Apple revises support document regarding hot 3GS handsets
SingTel confirms iPhone 3GS coming to Singapore

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Horoscope; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint