KARACHI, Oct 22: The rupee on Wednesday closed marginally weaker at 81.30-50 to the dollar compared with Monday’s close of 81.25-75. It has lost 24.2 per cent against the dollar this year.

Dealers said the outlook was bleak because of Pakistan’s external and fiscal deficits and inflation running close to 25 per cent.

“Fundamentals have not changed so it’s unlikely the rupee will stay firm,” said a currency trader. The central bank’s foreign currency reserves represent about six weeks cover for import payments.

IMF and Pakistani officials are meeting in Dubai for an annual review of the economy.

There is widespread speculation that the government is poised to ask for a support package, having earlier ruled out going to the IMF in the hope that other multilateral lenders and friendly governments would come through with loans.—Reuters