Currency: Rupee posts new low against dollar

KARACHI: After posting two consecutive record lows against the dollar this week, the Pakistani rupee weakened further to close at a new low at 93.44/52. It closed at 92.90/95 on Tuesday. The rupee lost more than 1.2% of its value during last week. The currency is under sustained pressure because of increased import payments, especially for oil. The government is scheduled to announce the budget for the fiscal year 2012-2013 on June 1. Overnight rates in the interbank market rose to 11.90%, compared to 11.50% on Tuesday, because of decreased liquidity.

Published in The Express Tribune, May 31^st, 2012.