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Pakistan rupee hits another record low on 9-JUL-2010

Buying pressure eroded the rupee value against the dollar to another record-low of 85.69 on Friday, dealers said.

“The market responded to the International Monetary Fund (IMF) statement of early release of tranche, but buying pressure depreciated the local currency,” said M Mustufa Jan, Head of Forex Research, KASB Securities Pvt Limited.

The rupee closed at 85.69 to a dollar in inter-bank market from the previous day’s close of 85.67.

The rupee opened in the range of Rs85.65 and 85.68. The development regarding the IMF talks with Pakistani authorities on sixth tranche of $2 billion eased the pressure on the rupee and it recovered at 85.64 to a dollar.

The payments are in queue by importers and corporate sectors that increased the demand for the dollar, which eroded the rupee to an intra-day low of 85.75.

The rupee ended the FY10 with a record high of 85.51 to a dollar. Since then, it witnessed a gradual decrease and during the first nine days of July it lost 18 paisas.

Experts said that further payments were due, which would jack up the demand for the greenback and further depreciate the value of the local currency.

However, they said that the inflows from foreign donors, home remittances and export receipts would have a positive impact on the rupee. The News

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