Rupee down

KARACHI (Reuters) - The Pakistani rupee ended weaker on Friday amid increased payments for imports, and dealers said they expect the pressure to continue in the coming days on fears of a rise in international oil prices. The rupee hit a record low at 87.10 on Monday. Dealers said they expect the currency to remain under pressure, as dollar payments are typically higher in July and August because of stronger oil demand and debt payments. Some support, however, could come from higher remittances from overseas Pakistanis. Remittances rose 38.57 percent to $1.1 billion in the first month of 2011/12 fiscal year, compared with $791.18 million in the same period last year.

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