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Rupee languishes at Rs90/dollar

Virtual Position Forum :: Policy Matters :: Business Affairs

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GMT + 8 Hours Rupee languishes at Rs90/dollar

Post by Maryam Mirza Mon Sep 26, 2011 6:37 pm

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KARACHI: Rupee’s erosion is far from over as it went as low as Rs90/dollar in the open market on Monday, Geo News reported.

Haji Haroon, President Exchange Companies Association of Pakistan (ECAP), told Geo News, they expected the dollar to fall --interbank trade-- in a couple of days as they strongly believed the State Bank of Pakistan (SBP) would open reserves’ spigots to bolster greenback's supply.

He analyzed that a locally as well as globally strengthening dollar is depreciating rupee big time.

Experts hope rupee might buck the trend after SBP injects dollars into the system.
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