Currency: Rupee weakens against dollar
The rupee hit a record low of 90.03 last week.
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 27th, 2011.
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 27th, 2011.