Currency: Rupee weakens against dollar
Rupee ended weaker at 90.91/97 to the dollar
Reuters
February 28, 2012
Less than a minute read
KARACHI:
The rupee ended weaker at 90.91/97 to the dollar, compared with Friday’s close of 90.85/90 because of increased import payments. Dealers expect pressure on the rupee to persist because of rising international oil prices, which was trading below $125 a barrel on Monday and have gained 16 per cent this year. Islamabad started repaying an $8 billion International Monetary Fund (IMF) loan on Friday with a $399 million payment. The State Bank of Pakistan kept its policy rate unchanged at 12 per cent this month and cautioned that financing the country’s projected current account deficit would be a challenge. In the money market, overnight rates rose to 11.90 per cent, compared with Friday’s close of 11.75 per cent amid tight liquidity in the interbank market.
Published in The Express Tribune, February 28th, 2012.
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