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2011-05-24

Pakistani rupee falls

The rupee was trading at 86.20/30 to the dollar at 9:54 a.m. (0452 GMT), compared with its previous record low of 86.40 on Saturday.

The Pakistan rupee fell to a record low of 86.50 to the US dollar on Monday on increased demand for dollars for import payments and concerns that growing tensions with the West could choke off much needed foreign aid.

A major attack by militants on a naval aviation base in Karachi further weakened sentiment on the local currency, adding to the country's reputation for instability, traders said.

The rupee was trading at 86.20/30 to the dollar at 9:54 a.m. (0452 GMT), compared with its previous record low of 86.40 on Saturday.

Concerns over a reduction in foreign aid have flared since US special forces found and killed al-Qaida leader Osama bin Laden early this month in a home near the Pakistani capital.

 

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