Of Pakistani rupees from a record low due to failure to pay the 86.58 oil

KARACHI: Pakistani rupee fell to a record high on Wednesday on strong demand for the dollar in payments for oil imports, traders said they expected the currency to weaken further in the coming days.


Rupee ended at 86.56/58 per dollar, weaker than Tuesday's close of 86.40/42. "The rupee-dollar up to 86.58 against the dollar," said a trader at a foreign bank. Rupee last hit a record low in May, at 86.50. Traders said the dollar payments are usually higher in the months of July and August due to stronger demand for oil and debt payments. As well as payments for oil, and the International Monetary Fund suspended aid to Pakistan is also considering the rupee. International Monetary Fund has criticized the government for implementation of the incomplete tax reforms and hindered the sixth tranche of the loan program $ 11 billion since August of last year.

The International Monetary Fund and Pakistan is scheduled to meet officials of this month but was postponed the meeting, and announced a new date.