Pakistan rupee hits record low at 90.20 to U.S. Dollar

KARACHI: The Pakistani rupee traded at a record low on Tuesday because of increased import payments and a deteriorating economic outlook, dealers said.

“The rupee was traded at 90.20 (to the dollar) and there were import payments of about $100 million,” said a dealer at a foreign bank.

The rupee had traded at its previous record low of 90.03 on Wednesday.

The rupee ended at 90.11/16 to the dollar, compared with Friday’s close of 89.95/90.00. Banks were closed on Monday.

There are concerns on the economic front as the country’s current account deficit stood at $2.104 billion in July-Nov compared with $589 million in the same period a year earlier.

The deficit is likely to widen further in the coming months because of debt repayments and a lack of external aid.

The rupee weakened 4.82 percent in 2011, after losing 1.53percent in 2010. (Reuters)

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