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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; stocks up Reuters - Saturday, January 9 Send IM Story Print By Sahar Ahmed KARACHI, Jan 8 - The Pakistani rupee fell to a new low on Friday for the fifth consecutive day because of high demand for dollars to pay for imports and dealers said it was likely to cross 85 in the ready market next week. The rupee <PKR=> was quoted closing at 84.95/85.02 to the dollar compared with Thursday's close of 84.79/85. "The weakest trade for the rupee was made at 84.90," said a currency dealer in Karachi. That compared with the previous record low of 84.88 the previous day. However, in the one-day forward market, dealers said it traded at 85.07 to the dollar. Dealers said they expected the rupee to ease to more than 85 to the dollar in the ready market in coming days. The rupee fell 6.17 percent last year after a 22.12 percent fall in 2008. "The rupee has been under pressure since the central bank stopped providing dollars to pay for crude oil," said another currency dealer. Demand for dollars to pay for oil has increased since last month when the central bank ordered commercial banks to provide foreign currency for imports of crude oil, as part of Pakistan's commitments under an International Monetary Fund programme. Previously, the central bank had provided dollars for crude oil imports. Pakistan secured an IMF emergency loan package of $7.6 billion in November 2008 to help avert a balance of payments crisis and shore up reserves. The loan was increased to $11.3 billion in July last year. STOCKS END HIGHER The State Bank of Pakistan stopped providing foreign exchange for furnace oil imports in February 2008 and for diesel and other refined product imports in August last year. Dealers said they expected the rupee to remain under pressure as global oil prices creep higher. Oil prices rose for the 10 days up to Thursday and were hovering above $82 a barrel on Friday. [ID:nSGE607095] In the money market, short-term money rates rose to top levels, ending at 12.40 percent, compared with Thursday's close of between 10.50 percent and 11 percent, and just below the 12.50 percent policy rate. Dealers said there were no inflows or outflows on Friday. The next inflow is scheduled for Saturday of 25 billion rupees against an outflow of 120 billion rupees. Dealers said the central bank was likely to conduct an open market operation to inject funds in a tight money market on Saturday. Stocks ended higher but off early gains as cautious investors sold shares ahead of the weekend on security worries. Six suspected militants were killed on Friday when explosives being stored in a hideout in Karachi were apparently detonated accidently, police said. [ID:nSGE60704M] The Karachi Stock Exchange's benchmark 100-share index <.KSE> ended 38.74 points, or 0.40 percent, up at 9,776.21 on turnover of 153.94 million shares. The index made an intra-day high at 9,823.74 points. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles Former NBC exec gets actor help for content studio AP - 2 hours 5 minutes ago Chipotle shares jump on Morgan Stanley upgrade AP - 2 hours 8 minutes ago North Dakota coal-to-fuel plant is still on hold AP - 2 hours 10 minutes ago S&P 500 briefly turns higher Reuters - 2 hours 14 minutes ago US STOCKS SNAPSHOT-S&P 500 briefly turns higher Reuters - 2 hours 16 minutes ago News Search Top Stories US sheds 85,000 jobs in December Unemployment hits 10% across eurozone Formula One boss launches Saab rescue bid: reports Argentine bank chief resigns, vows legal action Hugh Grant sets marriage as New Year's resolution More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Hugh Grant sets marriage as New Year's resolution New for 2010: anti-wrinkle bras, protein undies Formula One boss launches Saab rescue bid: reports US sheds 85,000 jobs, highlighting sluggish recovery Yen drops on Japanese finance minister comments More Most Viewed » British priest defends urging people to shoplift Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid More Most Recommended » Elsewhere on Yahoo! 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