Currency: Rupee flat against dollar
rupee ended almost flat at 90.20/25 to the dollar
Reuters
January 27, 2012
Less than a minute read
KARACHI:
The rupee ended almost flat at 90.20/25 to the dollar compared with Wednesday’s close of 90.18/23. The rupee touched a record low of 91.28 to the dollar in intra-day trade this month, pressured by concerns about higher payments for oil imports and the country’s economic health, especially a weakening current account. The current account recorded a provisional deficit of $2.15 billion in the first six months of financial year 2012 compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan. The deficit is likely to widen further in coming months because of debt repayments and a lack of external aid. In the money market, overnight rates ended at 11.90%, compared with Wednesday’s close of 9.10% amid lack of liquidity in the interbank market.
Published in The Express Tribune, January 27th, 2012.
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