20:15
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KARACHI: The rupee touched to a record low against the dollar on Wednesday as the foreign payments put pressure on the currency market, said dealers.
In the interbank market, the rupee fell to 96.47 to the dollar, below its previous record low of 96.29 earlier this month, they said. Market dealers said the local unit came under pressure during the trading session on account of rising demand for the greenback for import payments.
There was insufficient supply of the US dollar in the forex market, said dealers. “The rupee will trade between 95.50 and 95.70 against the dollar in the coming days,” said a dealer.
Analysts said Pakistan’s balance of payments outlook remains precarious despite showing surplus in the current account during the four months of the current fiscal year.
The International Monetary Fund (IMF) and scheduled debt repayments continuously strain the rupee and drain out forex reserves, said analysts.
Pakistan paid the seventh installment worth $394.3 million to the IMF under its standby loan arrangement facility last week.
In the interbank market, the rupee fell to 96.47 to the dollar, below its previous record low of 96.29 earlier this month, they said. Market dealers said the local unit came under pressure during the trading session on account of rising demand for the greenback for import payments.
There was insufficient supply of the US dollar in the forex market, said dealers. “The rupee will trade between 95.50 and 95.70 against the dollar in the coming days,” said a dealer.
Analysts said Pakistan’s balance of payments outlook remains precarious despite showing surplus in the current account during the four months of the current fiscal year.
The International Monetary Fund (IMF) and scheduled debt repayments continuously strain the rupee and drain out forex reserves, said analysts.
Pakistan paid the seventh installment worth $394.3 million to the IMF under its standby loan arrangement facility last week.
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