Pak Rupee down 85 paise against dollar to a record 106.10

The Pakistani rupee today weakened by 85 paise to a record 106.10 against the US dollar in the open market, prompting calls for devaluation of the currency.
The dollar was trading at 106.10 during the day, a record high for 2015 when the Pakistani rupee has largely remained steady in the open and intra-bank market.
The dollar rose further against the rupee in the inter- bank market after opening at 105.25 on which it closed yesterday.
Money market analysts said the record high was due to speculation in the market about the timing of a US interest rate hike by the Federal Reserve.

Some traders also feel the depreciation of the rupee against the dollar is a deliberate attempt by the government to devalue the local currency.
Money market sources claim the government in talks with the International Monetary Fund in Dubai has been pressured to devalue the rupee.

In addition, exporters have also called for a devaluation of the rupee, one trader said.
The central bank said in last week of August that the US currency was not allowed to cross Rs 104.50 despite higher demand.
Today, it seems the dollar was set free by the central bank and within hours it has risen against the rupee, another trader said.

The latest rise in dollar's value has stretched rupee's depreciation to over 3.5 per cent since July 1.