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Pakistan rupee hits all-time low against dollar
KARACHI, Pakistan - The Pakistani rupee plunged to an all-time low Monday against the U.S. dollar amid uncertainty over the fate of President Pervez Musharraf, dealers said.
The rupee was trading as low as 73.40 against the dollar in the official interbank market, but recovered to close at 73.20 rupees. The rupee closing rate on the open market was 74.20.
Pakistan's economy has been under tremendous inflationary and deficit pressure, and the stock market also has taken a beating. The rupee has been sliding for months, and political woes contributed to its fall Monday, dealers said.
The country's ruling coalition announced last week that it would seek to impeach the president. Musharraf's spokesman said he's not quitting, and his allies say he will fight the charges.
“Exporters are holding their dollars whereas panicky importers are buying more and more dollars because of uncertain political situation," said Malik Bostan, president of the Forex Association of Pakistan, which represents money dealers.
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