Rupee gains against greenback

KARACHI: In the currency market, Thursday, the rupee ended firmer at 90.00/10 to the dollar, compared to Wednesday's close of 90.21/28, amid lack of import payments.

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.

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 the 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 the previous day's close.

Dealers said there were scheduled outflows of 218 billion rupees ($2.42 billion) on Friday and the central bank is likely to conduct a seven-day reverse repo. (Reuters)