The U.S. dollar exchange rate in Pakistan rose to 100.1 local rupees, Agence France-Presse said citing Forex traders.
According to Yahoo! Finance, the dollar rate did not rise above 100 and constituted 97.98 Pakistani rupees on the Forex market on February 11, 2012. However, currency traders in Karachi claim that the real exchange rate is 100.1 rupees.
AFP said that the national currency of Pakistan weakened amid worries about the country’s foreign reserves due to payment to the International Monetary Fund (IMF). On February 11, 2012 Islamabad paid the part of the loan worth $146 million. Up to February 26, 2012 Pakistan must pay $375 million more.
The country’s foreign reserves fell to $8.7 billion from $10.8 billion in June 2012.
Islamabad asked for financial assistance from the IMF in October 2008. The regulator opened a $10.7 billion credit line for the government, but Pakistan had drawn only about a third of it. The country has already paid $2.57 billion to the IMF.
