Currency: Rupee weaker, overnight rates down

KARACHI: The rupee ended weaker at 86.41/44 to the dollar on Tuesday, compared with Monday’s close of 86.37/43 because of higher import payments. The rupee hit a record low of 86.83 to the dollar on Monday last week. Dealers said dollar payments are typically higher in July and August because of stronger oil demand and debt payments. In the money market, overnight rates ended lower at 10.50 per cent, compared with Monday’s close of 11 per cent and dealers expect rates to remain on the lower side due to increased liquidity.

Published in The Express Tribune, August 10^th, 2011.