Currency: Rupee hits fresh low

KARACHI: The rupee hit a record low on Thursday, which dealers said stemmed from the bleak outlook for the country’s economy. The rupee was trading at 89.81/86 to the dollar, compared with Wednesday’s close of 89.55/61. A bank dealer said that “It is really the sentiment which is negative.” Exporters held on to their dollars because of the bleak economic outlook, putting further pressure on the rupee, dealers said.

Published in The Express Tribune, December 16^th, 2011.