KARACHI, Sept 6 (Reuters) - The Pakistani rupee fell to a record low on Monday because of increased dollar demand for im
KARACHI, Sept 6 (Reuters) - The Pakistani rupee fell to a record low on Monday because of increased dollar demand for import payments - especially oil - and would likely remain under pressure, dealers said.
"The rupee was traded at 85.89 today and could test 86 rupees before the long weekend," said a dealer at a local bank. The rupee ended at a record closing low of 85.85/90 to the dollar, compared with Friday's close of 85.65/70. The rupee has lost 0.64 percent this year, after losing 6.17 percent in 2009. In the stock market, the index ended almost flat amid extremely thin trade as investors stayed on the sidelines awaiting clarity on economic losses following the floods and on talks between the International Monetary Fund and Pakistani authorities.