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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Pakistani rupee, stocks flat; news on help awaited Reuters - 2 hours 47 minutes ago By Sahar Ahmed KARACHI, Oct 29 - Pakistan's rupee and stocks ended flat on Wednesday in dull trade as markets awaited clarity on foreign inflows or financial assistance from the International Monetary Fund , dealers said. Central bank governor Shamshad Akhtar said in Dubai an IMF package would be announced in due course and there was "no possibility" the country would default on its debt. Pakistani officials have been in talks with IMF officials in Dubai since last week. The talks are due to end on Wednesday, a finance official said. The rupee <PKR=> was quoted closing flat at 81.60/65 compared with Tuesday's close of 81.55/65. The rupee has weakened 24.5 percent this year. "Sentiment really is low right now and many people don't want to trade until there's some clarity about the economic situation," said a currency dealer. Dealers said there were some hidden inflows of dollars that kept the rupee steady and they suspected central bank intervention. The bank routinely declines to comment. Pakistan's total foreign reserves, including those held by commercial banks, have fallen sharply from a high of $16.5 billion in October last year, and stood at $7.32 billion on Oct. 18, of which the central bank accounted for $4.04 billion. The central bank's reserves represent about one-and-a-half months of import cover. Apart from dwindling reserves, inflation is running close to 25 percent and dealers said a Moody's rating cut on Pakistan's sovereign bonds on Tuesday also dampened sentiment. Moody's cut Pakistan's government bond ratings to B3 from B2, because of concerns over depleting reserves and the absence of assistance from bilateral and multilateral creditors. Moody's had moved Pakistan's outlook to negative from stable last month and maintained the negative outlook. "UNDER CONSIDERATION" The seven-month-old government running Pakistan after more than eight years under former army chief Pervez Musharraf has been reluctant to go to the IMF, but the severity of its balance of payments crisis has left little option, analysts say. Asked if Pakistan would turn to the IMF, central bank governor Akhtar said: "It is under consideration. We have a few plans and we have other options ... There will be no default." An IMF spokesman said last week the Dubai talks would enable the fund to respond swiftly should a request be made. The talks involved technical issues, he said, without elaborating. German Foreign Minister Frank-Walter Steinmeier said on Tuesday after talks with Pakistani leaders that an agreement on help for Pakistan was needed within days. Pakistan's economic woes began before the global financial crisis set in but analysts say the crisis has compounded Pakistan's difficulties by making donors reluctant to step in. The prime minister's top economic adviser, Shaukat Tarin, said last week Pakistan needed immediate help to fill a financing gap of between $3.5 billion and $4.5 billion. The country had 15 to 30 days to find cash and it was hoping for help from friendly governments and other lenders, he said. He also said Pakistan needed $10 billion to $15 billion from foreign lenders to cover its current account financing gap and undertake adjustments over the next two years. The main stock index on the Karachi Stock Exchange <.KSE> ended flat at 9,182.88 points. The index, which has fallen almost 35 percent this year, has been propped up by a floor imposed in late August and trade has withered. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Newmont 3Q profits fall 51 percent on higher costsAP - 57 minutes ago European stocks up after Dow surgeAP - 1 hour 9 minutes ago China investigates tainted eggs in new food scareAP - 1 hour 11 minutes ago Oil bounces off 17-month lowAP - 1 hour 12 minutes ago Qwest 3Q profit down; will cut 1,200 jobsAP - 1 hour 13 minutes ago Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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