Currency: Rupee weakens against dollar
The rupee lost further value against the dollar on Monday. The local unit closed at 86.05 to the 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 19th, 2011.
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 19th, 2011.