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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Pakistani rupee at record low vs dollar; stocks up Reuters - Thursday, July 8 Send IM Story Print KARACHI, July 7 - The Pakistani rupee further eased on Wednesday to close at a record low for the second consecutive day, and dealers said the rupee could remain under pressure in the next few days, though a sharp fall was unlikely. The rupee <PKR=> ended at a record 85.61/66 to the dollar, down from 85.54/59 on Tuesday. "There has been pretty heavy dollar demand in the last few days, and banks have been buying the dollar aggressively, especially on behalf of oil importers," said a dealer at a major local bank. "There are still some payments pending, which could keep the rupee under pressure for a few days, but it is likely to hold steady after that," he said. Dealers said payments worth more than $100 million were made on Wednesday, and added that similar demand was likely to be seen on Friday. "At the moment the central bank is also not selling dollars in the interbank market, but we expect it to jump in soon, which will improve supplies and help the rupee stabilise," said another dealer. "That is why we don't expect the rupee to fall very sharply, though a slight downward movement may be seen." In the stock market, the index snapped a three-day fall, while volumes also improved slightly, thanks to interest from foreign investors. The Karachi Stock Exchange's benchmark 100-share index <.KSE>, ended 2.24 percent, or 214.49 points, higher at 9,789.69. Turnover was 50.55 million shares, which dealers said was still low, but much higher than the 29.78 million shares traded on Tuesday. On Monday, turnover was only 14.71 million shares, the lowest since December 2008. "There is still not much of an interest in the market as far as locals are concerned, but in the last couple of sessions, foreigners have been pretty active which has helped volumes slightly," said Khalid Iqbal Siddiqui, director at Invest and Finance Securities. The net inflow of foreign portfolio investment in the stock market was $2.2 million on Tuesday. However, local investors have been on the sidelines since the imposition of a capital gains tax on July 1, the start of the new fiscal year. In its budget for the 2010/11 fiscal year, the government imposed a capital gains tax of 10 percent on stocks held for six months or less, and 7.5 percent on stocks held between 6 months and a year. Dealers said investors were also hoping for the re-introduction of margin buying in the market, which will improve liquidity and result in better volumes. KSE authorities and the Securities and Exchange Commission of Pakistan met last month to discuss margin buying and other leveraged products, and decided to form a committee required to submit its recommendations within 15 working days. A meeting of the stakeholders to discuss the issue is scheduled for Thursday, dealers said. In the money market, overnight rates ended at 11.0-11.5, little changed from Tuesday, and despite the injection of 13.5 billion rupees by the central bank <SBOPK10> dealers said they expected them to remain around current levels near-term. 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