KARACHI: The rupee fell on Thursday after rising for two days, amid a higher demand for the dollar from importers. The rupee ended at 90.10/90.15 to the dollar, down from 89.96/90.01 a day earlier. The rupee fell to a record low of 91.28 to the dollar in intraday trade on Monday. “There were payments of $30 to $40 million and not many inflows, so the rupee eased a bit,” said a dealer at a foreign bank. Dealers 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. In the money market, overnight rates ended unchanged at the top level of 11.90 percent amid tight liquidity conditions.
Published in The Express Tribune, January 13th, 2012.
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