Rupee loses more against dollar.

KARACHI -- Despite promises of massive financial help for Pakistan, the rupee failed to put up any resistance and lost another 5 paise against the US dollar in the interbank market on Wednesday.

The international community committed to giving Pakistan about $10bn to help it recover from devastating floods.

However, Finance Minister Ishaq Dar said that almost 90 per cent of pledges made by the international community in Geneva were project loans that would be rolled out over the next three years.

Financial analysts said the commitment of over $10 billion by the international community is a positive sign but it could not change the depressive sentiments prevailing in the currency market mainly due to declining foreign exchange reserves with zero inflows amid unending political and economic instability.

The State Bank of Pakistan (SBP) reported the dollar price at Rs227.93 compared to Rs227.88 a day before.

Currency dealers said the dollar price provided by the SBP was not real. Banks are charging higher rates while the non-opening of letters of credit is still a serious...

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