Currency: Rupee gains for second straight day
rupee ended at 89.96/90.01 to the dollar
Reuters
January 12, 2012
Less than a minute read
KARACHI:
The rupee rose for the second day on Wednesday after falling to an all-time low earlier in the week, amid soft demand for the dollar from importers, dealers said. The rupee ended at 89.96/90.01 to the dollar, up from 90.00/90.05 a day earlier. The rupee fell to a record low of 91.28 to the dollar in intra-day trade on Monday. “The rupee was pretty stable today as there were very few dollar payments and so the (dollar) demand was pretty low,” said a dealer at a foreign bank. Some dealers said suspected dollar selling by the central bank over the past couple of days had also boosted the US currency’s supply in the interbank market, preventing a sharp fall in the rupee and improving the sentiment. However, they said the rupee is likely to remain weak in the weeks ahead. The rupee lost 4.82% in 2011 after falling 1.53% in 2010.
Published in The Express Tribune, January 12th, 2012.
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