Open Market: Rupee touches new record low
The local unit closed at 89.80 in the open market
KARACHI:
The rupee fell to a new record low against the dollar on Monday. The local unit closed at 89.80 in the open market against the greenback on account of higher import payments. Dealers expect the pressure to continue after reports that Pakistan will not seek a new loan from the International Monetary Fund. Increases in import payments and a negative economic outlook will also continue to keep the local unit under pressure, according to analysts. In the interbank market, rupee closed at 87.60 to the dollar. The rupee had previously closed at 87.57/64 on Friday.
Published in The Express Tribune, September 27th, 2011.
The rupee fell to a new record low against the dollar on Monday. The local unit closed at 89.80 in the open market against the greenback on account of higher import payments. Dealers expect the pressure to continue after reports that Pakistan will not seek a new loan from the International Monetary Fund. Increases in import payments and a negative economic outlook will also continue to keep the local unit under pressure, according to analysts. In the interbank market, rupee closed at 87.60 to the dollar. The rupee had previously closed at 87.57/64 on Friday.
Published in The Express Tribune, September 27th, 2011.