Currency: Rupee weakens against dollar

KARACHI: The rupee ended weaker at 86.37/43 to the dollar, compared with Friday’s close of 86.20/25 because of higher import payments, especially for oil. The rupee had hit a record low of 86.83 to the dollar on Monday last week. In the money market, overnight rates ended flat at 11 percent, unchanged from Saturday’s close. Dealers expect rates to remain on the lower side due to increased liquidity.

Published in The Express Tribune, August 9^th, 2011.