Currency: Rupee weakens against dollar
The rupee ended weaker at 97.42/97.47 against the dollar, compared to Thursday’s close of 97.35/97.40.
Reuters
January 04, 2013
Less than a minute read
KARACHI:
The rupee ended weaker at 97.42/97.47 against the dollar, compared to Thursday’s close of 97.35/97.40. The rupee has been under pressure due to import and oil payments and may fall further due to strong demand for the dollar from importers, a dealer said. The rupee has also remained under pressure due to debt servicing to the International Monetary Fund (IMF). The country has to pay $3.4 billion in 2012-13, $3.43 billion in 2013-14 and $1.35 billion in 2014-15 to retire the loan. According to reports, a balance of payment crisis is being predicted after March 2013, as the country’s forex outflows are likely to remain at $1 billion per month. Overnight rates in the money market rose, ending at 9.25% compared to Thursday’s close of 6.75%.
Published in The Express Tribune, January 5th, 2013.
Like Business on Facebook to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ