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Currency market, on Wednesday, the rupee weakened to 86.80/85 to the dollar
Currency market, on Wednesday, the rupee weakened to 86.80/85 to the dollar
Posted by Spell Bounderon 10:20in
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In the currency market, on Wednesday, the rupee weakened to 86.80/85 to the dollar, compared with Tuesday's close of 86.78/85, amid increased import payments. The rupee had firmed in the previous trading sessions on healthy remittances from Pakistanis living abroad, but dealers said a widening current account deficit means that the local currency could experience downward pressure in days ahead. Country's current account deficit surged to a provisional $908 million in September, compared with a deficit of $201 million in the previous month. For the July-September quarter, the deficit was a provisional $1.209 billion, compared with $597 million in the same period last year, according to data from the State Bank of Pakistan. In the money market, overnight rates ended flat at 9.10 percent, because of increased liquidity in the interbank market.
