07/10/2008
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Rupee sinks more as crisis deepens
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KARACHI: Import payments drove the rupee to another record low of 78.65 to the dollar in early trade on Monday amid gloom over the deepening economic crisis and alarming insecurity in the country, dealers said.
The rupee was quoted at 78.47/57 to the dollar at 10:08 am. The previous low was made at 78.55 on September 22. "There are many import payments due today (Monday) and the rupee should weaken further," said a currency dealer.
Dealers said country's depleting foreign reserves and weak economic fundamentals are likely to add pressure on the local currency.
Analysts say Pakistan’s best hope lies in the goodwill of multilateral lenders and friendly governments like the United States and Saudi Arabia who are keen to see the six months' old civilian government on the path of success and to help avoid it from sliding into financial chaos. -Reuters
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