Rupee eases against dollar

KARACHI: Pakistani rupee eased against the dollar on Monday amid higher dollar demand from importers, though dealers said trading volumes were low.

The rupee closed at 85.32/38 to the dollar, down from Friday’s close of 85.25/35.

In the money market, overnight rates were unchanged at top levels at 12.40 per cent despite the injection of Rs15 billion by the central bank in four-day repo contracts.

Dealers said rates were unlikely to ease in coming days. There are inflows worth Rs84.9 billion ($995 million) from maturing securities on Thursday, but their impact will be matched by a fortnightly central bank treasury bill auction on Wednesday, with a target of Rs90 billion, dealers said.

Published in the Express Tribune, June 15^th, 2010.