 |
| |
WEEKLY
SECTIONS |
 |
| |
|
 |
Rupee plunges to record low against dollar |
| |
Updated at:
1440
PST, Friday, October 17, 2008 |
| |
KARACHI: The national currency hit a new record low of Rs83.90 against the dollar during trading in interbank here on Friday.
The greenback continued to dominate the national currency in the inter-bank market, dealers said on Friday. The American dollar commenced the day’s trading at Rs81.80 and after gaining strength closed at Rs83.90.
On the other hand, dollar was seen trading at Rs85.50 in the open market.
According to some reports reaching here, dollar is being sold at Rs87 in some money exchangers also. Forex market dealers told Geo News that everybody was looking for dollar and that is why greenback was gaining value over frequent demand.
Experts warned that people doing short-term investment in dollar might face hug losses as world financial institutions and China could provide US$6 billions to Pakistan.
AKD analyst Asad Farid urged on the government to undertake long-term planning for improvement in exports to strengthen the falling economy. |
| |
|
|
|
|
ISSN 1563-9479 
