Forex Pakistan Rate
Pakistan rupees in a magazine U.S. dollars Reports Record Low
Pakistan rupee fell to a record low of Rs84.65 Tuesday as importers rushed to buy U.S. dollars payments to oil, Forex news portal Dollarsmagazine reports.
Purchase rate of U.S. dollars in commercial banks and sell rate was Rs84.52 Rs84.33, the State Bank of Pakistan (SBP) said.
The State Bank of Pakistan stopped selling foreign exchange to banks to finance imports of crude oil on December 21, 2009. Because this measure rupiah Pakistan lost three paisa or 0.6 per cent of its value in four days against the dollar as banks began buying U.S. dollars advance.
Dollarsmagazine had anticipated a decline in the value of the rupee and Pakistan begin to finance oil imports. Crude imports stood at four billion dollars or more than 40 percent of global oil imports of $ 9.5 billion in FY09.
External debt service in October-December 2009 was estimated well over one billion dollars, most of which was paid in December. July to September in Pakistan spent $ 1.2 billion in debt service External despite a deployment of more than $ 450 million.
In July 2008 the State Bank has decided to provide foreign exchange to banks to finance imports of crude oil and petroleum products to maintain stable exchange rates in the middle of the inconsistency caused by the international financial crisis and recession. But he stopped providing foreign exchange to finance imports of fuel oil in February 2009 and the petroleum products from July.
Now has stopped selling foreign exchange for crude oil as well, allegedly to meet a condition of IMF standby loan thus restoring pre-July 2008 agreements where banks were responsible for organizing foreign exchange to finance imports of crude oil and all petroleum products.
Dollarsmagazine report that Pakistan rupee will remain under pressure, banks are scrambling to arrange foreign exchange for importers of petroleum products and crude oil. Previously, the central bank was using its foreign reserves to import oil.
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