Pakistan rupee hits record low at nearly 73 versus US dollar

Business News

Jul 8, 2008, 6:22 GMT

Karachi - Pakistan's rupee currency continued its precipitous plunge to hit a record low at nearly 73 against the US dollar on Tuesday on rising economic and political woes, traders said. The rupee stood at 72.40/72.90 against the dollar in the open market, while in the inter-bank trading too it fell to same levels at 72.70/72.90. The rupee has fallen by over eight per cent during the last five days and 18 per cent since January as the country's security environment is worsening due to a spate of bomb blasts and militant strikes. The southern port city of Karachi was rocked by a series of seven explosions late Monday evening, killing two and injuring over 50. Just a day earlier, up to 20 people were killed in a suicide attack in the federal capital Islamabad. 'The entire security situation is very bleak,' said Sadd bin Ahmed, head of research at Capital One Equities. The key KSE-100 Index of the main Karachi bourse has also plunged by around 30 per cent since the beginning of the year. Pakistan's foreign exchange reserves have also fallen by over 4.5 billion dollars to 11.3 billion during the last six months on increasing import pressures due to soaring oil prices. The country's inflation is already at a 30-year high while food inflation is rocketing up every month in the midst of sporadic food shortages all across the country.

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