KARACHI: The value of rupee remained under persistent pressure due to rising demand of dollar, as dollar moved to record high of Rs71.05.
Political and economic doldrums and the traders’ hiking demand for dollar continued battering Pakistani rupee these days, while there seems to be no respite in sight. Importers at the onset of trading today also resorted to forward buying of dollars, which saw the rupee sinking to a new low against dollar at Rs71.05.
The demand for dollar, especially for buying oil continued soaring, while the foreign exchange reserves gradually shrank to near $11 billion from a record level of $16 billion.
Rupee value has already eroded by over 14 percent during the last six months of the year. Analysts said that the political wrangling has distracted the attention of the government from the economy, where such major problems like hyper- inflation and trade deficit were taking roots stronger and the rupee also remained under constant pressure.
Political and economic doldrums and the traders’ hiking demand for dollar continued battering Pakistani rupee these days, while there seems to be no respite in sight. Importers at the onset of trading today also resorted to forward buying of dollars, which saw the rupee sinking to a new low against dollar at Rs71.05.
The demand for dollar, especially for buying oil continued soaring, while the foreign exchange reserves gradually shrank to near $11 billion from a record level of $16 billion.
Rupee value has already eroded by over 14 percent during the last six months of the year. Analysts said that the political wrangling has distracted the attention of the government from the economy, where such major problems like hyper- inflation and trade deficit were taking roots stronger and the rupee also remained under constant pressure.
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