Dollar closes at Rs76.35 :

KARACHI: The sliding rupee value against US dollar earlier in the day dipped to a new low at Rs77, later fought back to regain some losses, despite that until close, it was seen plummeted by Rs1.20 and ending at Rs76.35.

Dealers attributed this persistent fall in the rupee value to continued political instability and disturbing law and order situation in the country, which triggered flight of capital, zeroed foreign investment, while the gaping deficit in balance of trade and sharply dwindling foreign reserves added fuel to the fire.Economist Qaisar Bengali told Geo News that bringing a turnaround in the existing economic situation shortly seemed such a difficult challenge, which could not be achieved easily. The government would have to make such long-term policies, which could pave way for minimizing dependence on oil imports and develop country’s resources.