Currency: Rupee falls against dollar
The rupee fell on Friday as dollar demand from importers outmatched the supply of the US currency.
KARACHI:
The rupee fell on Friday as dollar demand from importers outmatched the supply of the US currency. The rupee ended at 90.28/32 to the dollar, down from 90.10/15 a day earlier. The rupee fell to a record low of 91.28 to the dollar in intra-day trade on Monday. “There were some decent dollar inflows today but they were still lower than the outflows of $60 to $70 million, hence the rupee ended lower,” 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 eased to end at 11.25 percent from the top level of 11.90 percent on Thursday in slightly improved liquidity conditions.
Published in The Express Tribune, January 14th, 2012.
The rupee fell on Friday as dollar demand from importers outmatched the supply of the US currency. The rupee ended at 90.28/32 to the dollar, down from 90.10/15 a day earlier. The rupee fell to a record low of 91.28 to the dollar in intra-day trade on Monday. “There were some decent dollar inflows today but they were still lower than the outflows of $60 to $70 million, hence the rupee ended lower,” 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 eased to end at 11.25 percent from the top level of 11.90 percent on Thursday in slightly improved liquidity conditions.
Published in The Express Tribune, January 14th, 2012.