Pakistan’s rupee hits record low amid political uncertainties

August 13th, 2008 - 4:54 pm ICT by IANS  

A file-photo of Pervez Musharraf
Karachi, Aug 13 (DPA) The Pakistani rupee Wednesday weakened to an all-time low of 76 against the US dollar amid political tension and mounting economic uncertainties, traders said. “The political turmoil and directionless economic situation is creating pressure on the rupee,” said Nabeel Iqbal, head of research at Khanani and Kalia, the country’s largest private foreign exchange firm.

Iqbal said exporters were also holding on to their proceeds as they feared the rupee would slip some more, further squeezing the dollar supply.

The ruling coalition is in the process of preparing grounds for the impeachment of President Pervez Musharraf, triggering political uncertainties.

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