Currency: Rupee firms against dollar
The rupee fell to a record low of 91.28 to the dollar in intra-day trade last week.
January 17, 2012
Less than a minute read
KARACHI:
The rupee firmed on Monday amid a lack of import payments, but dealers expect pressure on the local unit to continue in the short to medium term because of a bleak economic outlook. The rupee ended at 90.16/21 to the dollar, compared to Friday’s close of 90.28/32. The rupee fell to a record low of 91.28 to the dollar in intra-day trade last week. Analysts say concerns about the country’s economic stability, especially a weakening current account, are adding to pressure on the rupee. Pakistan’s current account deficit stood at $2.104 billion in July to November compared with $589 million in the same period a year earlier. In the money market, overnight rates eased to end at between 10.25 percent and 10.75 percent from the level of 11.25 percent on Friday because of slightly improved liquidity conditions.
Published in The Express Tribune, January 17th, 2012.
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