Pakistani rupee hits 100-mark against US dollar in open market

The Pakistani rupee today hit the 100-mark against the US dollar in open market deals today on concerns over rising exports and an uncertain political scenario.

Market analysts confirmed that for a while currency dealers in the open market had been selling the US dollar at 100 Pakistani rupees. This is the second instance in two months that the rupee has hit the 100-mark versus dollar.

"Even otherwise the US dollar (against the Pakistani currency) has risen to 99.90 in the official trading," Capital Investments analyst Iftikhar Ahmed said. The dollar closed at 99.45 against the Pakistani rupee in the open market yesterday.

Currency dealers said the weakness in the Pakistani rupee in the open market could be put down to increased exports and an uncertain political scenario.

The US dollar had touched the 100 rupee mark for the first time in Pakistan's history last month.

Meanwhile, the International Monetary Fund (IMF) has asked Pakistan to begin taking necessary actions to stabilize the economy and lay the groundwork for future growth.