Currency: Rupee falls against dollar
rupee ended at 89.95/90.00 to the dollar
KARACHI:
The rupee inched closer to its record low on Tuesday on increased payments for imports, and dealers expect the pressure to continue because of a widening current account deficit. The rupee ended at 89.95/90.00 to the dollar, weaker than Monday’s close of 89.39/44. The rupee hit a record low of 90.03 last week. “The sentiment is quite negative and the rupee is likely to depreciate further,” said a bank dealer. The country’s current account deficit stood at $2.104 billion in July to November compared with $589 million in the same period a year earlier. The deficit is likely to widen further in the coming months because of debt repayments and a lack of external aid.
Published in The Express Tribune, December 28th, 2011.
The rupee inched closer to its record low on Tuesday on increased payments for imports, and dealers expect the pressure to continue because of a widening current account deficit. The rupee ended at 89.95/90.00 to the dollar, weaker than Monday’s close of 89.39/44. The rupee hit a record low of 90.03 last week. “The sentiment is quite negative and the rupee is likely to depreciate further,” said a bank dealer. The country’s current account deficit stood at $2.104 billion in July to November compared with $589 million in the same period a year earlier. The deficit is likely to widen further in the coming months because of debt repayments and a lack of external aid.
Published in The Express Tribune, December 28th, 2011.