Rupee falls

KARACHI: The rupee continued its depreciation against the US dollar on Thursday as it fell to a record low of 96.66 at the interbank market, said dealers.

Market dealers said that the demand pressure of the US currency dented rupee’s value against the dollar in the currency market.

Pakistan’s foreign exchange reserves went down to $13.575 billion during the week ended November 23, while the official international reserves held by the State Bank of Pakistan also dropped below $9 billion to stand at $8.860 billion, showing an adverse balance of payments position. Analysts said that the International Monetary Fund (IMF) loan repayments led to a sharp depletion in foreign exchange reserves and put pressure on the rupee. Pakistan paid the seventh installment worth $394.3 million to the IMF under its standby loan arrangement (SBA) facility last week.