Currency: Rupee firms, overnight rates up
There have been more intervention but the outlook for the rupee is still weak: Bank dealer.
The rupee ended at 85.57/63 to the dollar, compared with Monday’s close of 85.85 after it hit a record low at 86.50 on Saturday. “It seems like there have been more intervention but the outlook for the rupee is still weak,” said a bank dealer.
There are concerns about the growing tensions with the West which could choke off much needed foreign aid. Concerns over a reduction in foreign aid have flared since US Special Forces found and killed al Qaeda leader Osama bin Laden early this month in a house near the Pakistani capital.
The rupee has lost 1.24 per cent of its value since then, almost the same as its total loss of 1.53 per cent in 2010.
Published in The Express Tribune, May 25th, 2011.
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