Rupee recovers

KARACHI (Reuters) - The Pakistani rupee firmed a bit on Monday after falling to consecutive lows last week. Dealers said it would likely hold steady around current levels as payment pressures from importers start easing. The rupee ended at 86.20/25 to the dollar on Monday, up from 86.23/27 on Friday. Before Friday, the rupee had closed on record lows for five days in a row. Last week saw aggressive dollar buying from importers which pulled the rupee lower, said a dealer at a foreign bank. However, the dollar buying has now eased which is likely to keep the rupee steady around the current levels in the near term. The rupee has lost 1.1 percent of its value this year, after falling 6.17 percent in 2009.

ePaper - Nawaiwaqt