Pak Rupee at Record High Level against US Dollar: 6 June 10

I have been monitoring Pak Rupee for quite a while now and I have never seen Rs this low against US Dollar.

In the international market, here are Rs vs $ rates for 6th of June 2010:

Bid: 85.5+

Ask: 88.15+

These are the maximum rates that were reached in the trading day. Here are the average closing rates:

Bid: 85.3+

Ask: 87.9+

If we take the average of these two values, the answer will be: Rs. 86.641

Not sure what the reason is for Pak Rupee to get this weak. I recently saw a news that IMF has delayed the installment of the loan. May be this news will also affect the Rupee and we may see it drop further against $.

1. NIB Bank may get into the Defaulter’s List at KSE
2. Pak Rupee at Record Low Level against US Dollar: 12 July 10
3. Gold Price drops more than 35 Dollars in one day: 1 July 10
4. Very low share volume recorded at KSE: 1st July 10
5. US Stock Markets remained closed on Monday 5 July 10