Rupee falls to record Rs100 to a dollar in interbank market

KARACHI: The beleaguered Pakistani rupee fell to record Rs100.50 to a dollar on Wednesday for the first time in the country’s history in the official interbank market, Geo News reported.
Sources said that the dollar gaining paisa 87 was seen trading at Rs100.50 in the interbank, while dollar in the open market was available to the general public for Rs101.
Experts said that the rupee has been under consistent pressure during the past few months over deteriorating balance of payments position in the wake of growing outflow of foreign exchange reserves due to loan repayments to the IMF, low foreign direct investment and other inflows.
The rupee already crossed over Rs100 to a dollar level in the unofficial kerb market but this is for the first time the local currency hit a century in the official interbank dealings.
Analysts fear further slide in the rupee due to impending repayments to the IMF in July amid declining forex reserves position.
Pakistan government is already in talks with the IMF to secure a fresh $5 billion loan to improve the balance of payments position that will provide some support to the rupee.