February 12, 2013 9:02 AM

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Pak rupee hits all time low against US dollar

The Pakistani rupee on Monday plunged to its all-time low of 100.1 against the US dollar on worries of dwindling forex reserves after reports of the country repaying 146 million USD to the International Monetary Fund. The Pakistani rupee fell to the 100 rupee mark after it opened at 99.30 in the open market. It has now lost 39 per cent of its value against the US currency since March 2008.Pakistan had announced last week that its foreign exchange reserves have declined to USD 8.7 billion as ofJanuary 31 from USD 10.8 billion at end-June 2012.Market analyst said another reason for the rupee's fall was that investors were apprehensive of speculations ahead of elections and over the frequentdepletion in the foreign exchange reserves.

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