Islamabad, Feb 11: The Pakistani rupee has sunk to an all-time low against the US dollar over forex reserve fears, after the country repaid 146 million dollars to the International Monetary Fund.
The rupee fell to 100.1 to the greenback in trading in Karachi, down from 99.30 on the open market on Friday, and has now lost 39 percent of its value against the US currency since March 2008, the Express Tribune reports.
According to the report, the official inter-bank rate for the dollar is Rs 98, but Mohammad Sohail, who heads brokerage firm Topline Securities, confirmed it had crossed 100 on the open market.
Pakistan had a 10.7 billion dollars loan with the IMF till September, but had drawn only about a third of it.
Syed Wasimuddin, spokesman for the country’s central State Bank, said that Pakistan repaid 145.79 million dollars to the IMF on Monday and is scheduled to repay another 375 million dollars on Feb uary 26.
Sohail said that ‘the rupee is likely to remain under pressure because of IMF repayments’.
Last week the central bank had said that ‘the foreign exchange reserves have declined to 8.7 billion dollars as of January 31 from 10.8 billion dollars at end-June 2012,’ the report added. (ANI)