Currency: Rupee falls against dollar

KARACHI: The rupee weakened on Wednesday amid negative sentiment about the country’s economic outlook and on increased payments for imports, dealers said. The rupee ended at 89.97/90.02 to the dollar, weaker than Tuesday’s close of 89.95/90.00. “The rupee was traded at its previous record low of 90.03 (to the dollar),” said a bank dealer. Dealers said there were concerns about the bleak outlook for the economy. The current account deficit stood at $2.10 billion in July to November compared with $589 million in the same period a year earlier. The deficit is likely to widen further in coming months because of debt repayments and lack of external aid.

Published in The Express Tribune, December 29^th, 2011.