Dollar at new high vs. rupee

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KARACHI: Rupee touched a record low level at 87.50 against dollar in the inter-bank market—weakest ever thus far traded, truly reflecting the downbeat economy, Geo News reported.

Forex market dealers said that the rupee continues depreciating against the dollar, which was seen appreciated by 11 paisa to reach the new high at Rs87.50, showing about 1.5 percent appreciation in the value of dollar since the beginning of the current fiscal year thus far.

Economists said that crude oil payment, low foreign investment, gas and power loadshedding and above all the worse law and order situation in the largest commercial and industrial hub Karachi hitting industrial production, curtailing exports thereby dollar inflow all together have kept the rupee at the tenterhook.

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