KARACHI - The dollar strengthened against the rupee in the interbank market on Tuesday, dealers said. It began the day’s trading at Rs 90.3 for buying, rose four paisas and closed at Rs 90.34 for buying and Rs 90.39 for selling.
The European currency witnessed strength against the rupee as it initiated the day’s trading at Rs 114.46 for buying, gained 85 paisas and closed at Rs 115.31 for buying and Rs 115.51 for selling. The British pound recorded gain against local currency as it started the day’s trading at Rs 138.36 for buying, increased 48 paisas and closed at Rs 138.84 for buying and Rs 139.04 for selling.
In open market, dollar remained constant. It initiated the day’s trading at Rs 90.5 for buying, witnessed no variation and closed at the same rate for buying and Rs 91 for selling. The Euro recorded growth against the rupee as it began the day’s trading at Rs 114.50 for buying, rose 70 paisas and closed at Rs 115.20 for buying and Rs 117.5 for selling.
The British currency witnessed strength against the rupee as it started the day’s trading at Rs 138 for buying, gained Re 1 and closed at Rs 139 for buying and Rs 141 for selling.
Reuters adds: The rupee fell to a record low of 91.28 to the dollar in intra-day trade last week.
Analysts say concerns about the country’s economic health, especially a weakening current account, are adding to pressure on the rupee.
Pakistan’s current account deficit stood at $2.104 billion in July-Nov compared with $589 million in the same period a year earlier. The deficit is likely to widen further in the coming months because of debt repayments and a lack of external aid.