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 15th, 2010.
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