The rupee fell to a record fresh low against the dollar on Thursday, causing panic in the local currency market, dealers said. The rupee closed weaker at 104.88 to the dollar, declined by eight paisas, from Wednesday’s closing of 104.80 in the official market.
Forex dealers said that the rupee after being stable against the greenback came under pressure on Thursday due to increased demand for the foreign exchange and ahead of the monetary policy announcement by the State Bank of Pakistan on Friday.
The local currency witnessed downslide, despite increase in the foreign exchange reserves of the country. Pakistan’s reserves inched up to $10.373 billion for the week ended September 6, the central bank data showed.
The rupee will face moderate pressure during the last week of this month when oil payments will be made by importers, they said.
The due foreign payments will increase the demand for the US dollars, putting pressure on the rupee, they added.
In the open market, the rupee was traded fragile at 105.55 for buying and 105.35 for selling against the dollar.
