Rupee trades at record low to dollar
KARACHI: The rupee traded at a record low of 90.35 on Wednesday because of increased import payments and a deteriorating economic outlook, dealers said.
“In addition to weak external account data, growing political uncertainty will exacerbate pressure on the rupee,” said Shamila Chaudhary, analyst at Eurasia Group.
“The break with the IMF, downward trend in US-Pakistan relations, prospects of less US aid, and growing civil-military tensions within Pakistan — all weaken market confidence.”
The rupee traded at its previous record low of 90.20 on Tuesday and lost 0.17 percent in one day. –Agencies