business

December 9, 2017

Rupee devalues 3.9 percent to hit four-year low on import payments

KARACHI: Rupee on Friday hit a four-year low and posted its biggest percentage fall of 3.9 percent in over nine years on panic buying from traders to meet oil import payments, but an apparent central bank’s intervention hauled ‘a sharp devaluation’ of the currency, bankers and dealers said.The rupee touched an intra-day low of 109.50 to close at 107/dollar in the interbank market, its biggest single-day fall since 2013. The rupee closed at 105.54 on Thursday.State Bank of Pakistan said...