Markets
Rupee ended weaker against dollar
KARACHI: Rupee ended weaker at 86.37/43 to the dollar, compared with Friday's close of 86.20/25, because of higher impo
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KARACHI: Rupee ended weaker at 86.37/43 to the dollar, compared with Friday's close of 86.20/25, because of higher import payments, especially for oil.
The rupee hit a record low of 86.83 to the dollar on Monday.
Dealers said dollar payments are typically higher in July and August because of stronger oil demand and debt payments.
In the money market, overnight rates ended flat at 11 percent, unchanged from Saturday's close. Dealers expect rates to remain on the lower side due to increased liquidity.
Copyright Reuters, 2011
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