The battered Pakistani Rupee plunged for a sixth day on Monday to hit a new low against the Dollar because of high demand for the US currency by importers, dealers said. The Dollar opened at 64.25 Rupees in the Intern-Bank money market compared to Saturday's close of 63.85 Rupees. In the open market, which is run by money changers, the Dollar was trading at 66.6 Rupees compared to the previous close of 66.40. “The Dollar demand has doubled both in the Inter-Bank and the open market, Owais Kalia,” a currency dealer at Khanani and Kalia International Ltd, told the associated press from the country' commercial hub of Karachi.
There is heavy buying by importers and foreign investors, who are transferring profits abroad, he said. During the last three months, the Rupee has tumbled 6.6 per cent against the Dollar. Pakistan floated its currency last year despite pressure from the International Monetary Fund, which extended a $ 596 million loan to the cash-strapped nation on tough conditions. Since then the Rupee has shed about 18 per cent against the Dollar. Bureau Report