Arab Today, arab today pakistan rupee sinks to record low against dollar
Last Updated : GMT 11:42:17
Arab Today, arab today
Arab Today, arab today

Pakistan rupee sinks to record low against dollar

Arab Today, arab today

Arab Today, arab today Pakistan rupee sinks to record low against dollar

Karachi - AFP

The Pakistani rupee sank to an all-time low against the dollar Friday on high oil prices and forex reserve fears as the country prepared to repay nearly $400 million to the International Monetary Fund. The rupee fell to 94.75 to the greenback in trading in Karachi on Friday, down from 94.70 on Thursday, and has now lost 33 percent of its value against the US currency since March 2008. “The increase in the international oil price... has affected Pakistan’s foreign exchange reserves and they could suffer further with the repayment of IMF’s installment due today,” said analyst Mohammad Sohail of Topline Securities. “These factors have contributed to the panic in the currency market.” In Asian oil markets on Friday, Brent North Sea crude for October delivery stood at $114.54 a barrel, while New York’s main contract, light sweet crude for delivery in October was at $95.68. An official in the Ministry of Finance said Pakistan was set to pay $397 million to the IMF on Friday and hoped it would have a “minimal effect” on the forex reserves, which stand at $15.18 billion, according to the central bank. The official said Pakistan has already repaid $901.4 million to the IMF in three instalments. The Washington-based fund bailed out Pakistan with an $11.3 billion loan package launched in November 2008 as the country faced 30-year-high inflation rates and fast-depleting reserves, as well as a deadly insurgency. Sohail said the panic in the currency market may continue next week, if the international oil and commodity prices do not stabilize to a comfortable level.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pakistan rupee sinks to record low against dollar Arab Today, arab today pakistan rupee sinks to record low against dollar

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pakistan rupee sinks to record low against dollar Arab Today, arab today pakistan rupee sinks to record low against dollar

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday