Currency: Rupee weakens against dollar

KARACHI: The rupee weakened on Monday amid increased payments for imports and dealers expect the pressure to continue because of a widening current account deficit. The rupee ended at 87.39/44 to the dollar, weaker than Friday’s close of 87.20/30. The rupee hit a record low of 90.03 last week. “The economic outlook for the country still remains bleak and therefore the rupee is likely to steadily depreciate,” said a bank dealer.

Published in The Express Tribune, December 27^th, 2011.