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)