Updated at: 1647 PST, Tuesday, October 05, 2010
KARACHI: The rupee gained further on Tuesday after hitting record lows last week, and dealers said soft demand for the dollar from importers should keep the rupee steady for now.
The rupee ended at 86.11/16 to the dollar on Monday, up from 86.20/25 on Monday.
The rupee had closed on record lows for five days in a row till Friday.
"There have been no major import payments in the last day or two which has supported the rupee," said a dealer at a foreign bank.
"If this trend continues, the rupee should hold steady near term."
The rupee has lost more than 1.0 percent of its value this year, after falling 6.17 percent in 2009.
Meanwhile, stocks ended lower in slow trade amid lackluster interest from investors.
"There is no trigger in the market at the moment and investors are waiting for some positive news which can regenerate their interest," an analyst said.
The Karachi Stock Exchange's benchmark 100-share index ended 0.20 percent, or 20.17 points, lower at 10,024.86.
Turnover was 63.41 million shares, compared with 53.28 million shares on Monday.
In the money market, overnight rates ended flat at 11.0. slightly higher than the previous day's 10.5 percent, and dealers said the market was now looking forward to a fortnightly treasury bills auction on Wednesday.
The State Bank of Pakistan has set a target of 80.0 billion rupees for the auction of 3-, 6- and 12-month T-bills. |
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