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 15th, 2010.
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.