Currency: Rupee weakens against dollar

KARACHI: The rupee lost further value against the dollar on Monday. The local unit closed at 86.05 to the dollar, in comparison with Friday when it closed at 85.95/86 due to concerns of security and instability in the markets following violence in the city. The rupee hit a record low of 86.50 in May, however, dealers said the local unit is not likely to see further lifetime lows in the coming days and will remain range-bound due to record remittances sent home by overseas Pakistanis.

Published in The Express Tribune, July 19^th, 2011.