Currency: Rupee weakens

Rupee closes at 85.18 to the dollar, from Friday’s close of 84.55.

KARACHI: The rupee ended significantly weaker on Monday against the dollar as it lost 63 paisa to close at 85.18 to the dollar, from Friday’s close of 84.55.

Analysts said that higher demand for import payments on the first day of the new week led to the local currency taking a bashing.

Dealers also said that rupee is likely to decline further, though not significantly, in this week.

Published in The Express Tribune, May 10^th, 2011.