Currency: Rupee weakens against the dollar
rupee ended weaker at 90.70/75 to the dollar
Reuters
February 10, 2012
Less than a minute read
KARACHI:
The rupee ended weaker at 90.70/75 to the dollar, compared with Wednesday’s close of 90.62/67 because of increased import payments following a rise in international oil prices. Global oil prices held near six-month highs above $117 on Thursday amid worries of further supply disruptions due to tension in the Middle East. Dealers said they were also cautious after the International Monetary Fund advised Pakistan to take immediate steps to tackle growing budget pressures and raise interest rates to contain inflation. The IMF on Monday projected a widening of fiscal deficit in the 2011/12 fiscal year to 7 per cent of gross domestic product, compared with the government’s revised budget target of 4.7 per cent. In the money market, overnight rates ended at their top level of 11.90 per cent, unchanged from Wednesday’s close because of scheduled net outflows of 25 billion rupees ($275.77 million).
Published in The Express Tribune, February 10th, 2012.
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