Pakistani rupee hits record low at 70 per dollar

July 6th, 2008 - 2:38 pm ICT by IANS  

Islamabad, July 6 (IANS) The Pakistani rupee has touched a new low of 70 per dollar, according to the media Sunday. The record drop-off Saturday was due to the rise in dollar demand from importers and the prevailing economic and political uncertainty in the country, Daily Times reported.

The rupee closed at a record low of 70.13/18 to the dollar dropping 13.8 percent this year as the economy feels the brunt of rising oil and food costs, the newspaper said.

Pakistan’s annual inflation has jumped to a three-decade high and it is facing widening fiscal and current account deficits.

Traders said central bank intervention would stabilise the rupee in the short run but Pakistan’s State Bank’s reserves are running low, according to Daily Times.

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