KARACHI: The value of rupee as compared to dollar today came crashing to its history’s lowest, as the dollar was seen sold at Rs70.15.
Money market dealers said that the dollar at the end of business yesterday exchanged at Rs69.65, while today with the onset of inter-bank market sold at Rs69.65, but soon it crossed below the lowest mark of Rs70.
Dealers attributed this persistent fall in rupee value to different payments made at the end of the fiscal year, purchase of dollars by importers, dwindling foreign reserves, trade deficit and the payment of foreign debts. Dealers said that the rupee vs. dollar could be seen under pressure for the next few days.
Source: GEO TV,
Saturday, July 05, 2008