Currency: Rupee stronger against dollar
rupee ended firmer at 90.38/43 to the dollar
Reuters
February 03, 2012
Less than a minute read
KARACHI:
The rupee ended firmer at 90.38/43 to the dollar, compared with Wednesday’s close of 90.41/46 amid lack of import payments, but dealers said the local unit is expected to stay under pressure due to increased import payments, especially of oil. The rupee touched a record low of 91.28 to the dollar on January 9, 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 the 2011/12 fiscal year, 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 flat at 11.90 per cent, unchanged from Wednesday’s close, due to a lack of liquidity in the interbank market.
Published in The Express Tribune, February 3rd, 2012.
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