Dollar hits 88 rupees in open market

The Pakistani rupee traded at 87.68 to the dollar in inter market and 88 in open money market on Thursday day, due to increased import payments and negative sentiment surrounding the country’s economic outlook.

“The rupee traded at 87.68 per dollar in the ready market, but went to 87.60 in the TOM (one-day forward) market,” said a dealer at a foreign bank.

The rupee ended at 87.68 to the dollar, compared with Wednesday’s close of 87.57.

The rupee hit its record low of 87.59 on Friday but this week there was some support from higher remittances from Pakistanis working overseas.

Pakistan faces a new crisis as monsoon rains which have killed 226 people sweep through the southern province of Sindh.

Floods have caused only minor damage to the sugarcane and rice crops, officials said, though weeks of downpours have already destroyed about 13 percent of the crucial cotton crop.

Stalled payments from an International Monetary Fund (IMF) bailout programme are also hurting the rupee.