Abdullah Kakar, an employee in the agriculture department in the eastern Afghan city of Jalalabad, converts most of his wages into Pakistani rupees each month except for a small amount to pay his electric bill, school fees and top up his phone card.
KARACHI: The Pakistani rupee traded at a record low on Tuesday because of increased import payments and a deteriorating economic outlook, dealers said.
“The rupee was traded at 90.20 (to the dollar) and there were import payments of about $100...
The Pakistani rupee firmed further on Friday buoyed by a lack of import payments after a days of record lows, but dealers said the local unit is likely to come under pressure in the medium term because of a bleak outlook of the country's economy.
The Pakistani rupee hit a fresh record low of 87.53 to the dollar on Thursday due to increased import payments and on negative sentiment about the country's economic outlook but closed firmer as some support came in around 87.50 for the local unit.
Pakistan-based Oil and Gas Development Company (OGDC) has recorded a 7.4%
increase in full year profit after tax to 63.53 billion Pakistani Rupees
($736.8 million).on the back of an increase in sales revenue.
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