KARACHI - The dollar remained constant against the rupee in the interbank market, dealers said Wednesday.
It started the day’s trading at Rs 90.4 for buying, witnessed constant behaviour and closed at the same rate for buying and Rs 90.45 for selling. The European currency shed strength against the rupee, it began the day’s trading at Rs 119.22 for buying, lost 54 paisas and closed at Rs 118.68 for buying and Rs 118.88 for selling. The British pound registered gain against the rupee as it initiated the day’s trading at Rs 142.37 for buying, rose 19 paisas and closed at Rs 142.56 for buying and Rs 142.76 for selling.
In open market the dollar lost against the rupee, dealers said. It began the day’s trading at Rs 90.3 for buying, depreciated by five paisas and closed at Rs 90.25 for buying and Rs 90.65 for selling. The Euro shed strength against local currency as it started the day’s trading at Rs 118.2 for buying, decreased 90 paisas and closed at Rs 117.30 for buying and Rs 119 for selling. The British currency witnessed gains against the rupee, it initiated the day’s trading at Rs 141.2 for buying, moved 10 paisas up and closed at Rs 141.30 for buying and Rs 143 for selling.
Reuters adds: Dealers said the local unit is expected to stay under pressure because of increased import payments, especially of oil.
International oil prices rose above $112 a barrel on Wednesday, putting it on track for its highest close in three weeks.
The rupee touched a record low of 91.28 to the dollar on Jan. 9, pressured by concerns about higher payments for oil imports and the country’s economic health, especially a weakening current account.
The current account recorded a provisional deficit of $2.154 billion in the first six months of the 2011/12 fiscal year, compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan.
The deficit is likely to widen further in coming months because of debt repayments and a lack of external aid. In the money market, overnight rates ended flat at 11.90 percent, unchanged from Tuesday’s close, due to a lack of liquidity in the interbank market.