Currency: Rupee hovers above record low
The rupee traded at 87.57 to the dollar on Wednesday, inching closer to its record low of 87.59.
KARACHI:
The rupee traded at 87.57 to the dollar on Wednesday, inching closer to its record low of 87.59, due to increased import payments and negative sentiment surrounding the country’s economic outlook. “The rupee traded at 87.57 per dollar in the ready market, but went to 87.60 in the TOM (one-day forward) market,” said a dealer at a foreign bank. The rupee ended at 87.57/61 to the dollar, compared with Tuesday’s close of 87.42/52. The rupee hit its record low of 87.59 on Friday but this week there was some support from higher remittances from Pakistanis working overseas. Remittances rose 40.45 per cent to $1.31 billion in August compared with $933.06 million in the same period last year, according to official data. Though there were some inflows, dealers said negative sentiment about Pakistan’s economy was affecting the local unit.
Published in The Express Tribune, September 15th, 2011.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ