Rupee record low against US Dollar

Rupee record low against US Dollar

Karachi: (Tuesday, May 29, 2012) Marred by increasing import bill, the Pakistani rupee today ended at a record low against the US dollar. As the market closed, the US dollar sold at 92.90/95 Pak rupee.

The sustained pressure on Pakistani currency is mainly because of the increasing oil import payments. Yesterday, the rupee closed at 92.14/19. The finance experts are expecting the trend of depreciating rupee to continue for next
few days before coming to halt.

Overnight rates in the interbank market went up to 11.50 percent from previously maintained 10.75 percent on yesterday. The change has been mainly attributed to a decreasing liquidity.

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Posted by Fayyaz Yaseen on May 29 2012. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry