Rupee ends on a flat note in money market

KARACHI: In the currency market, Thursday, the rupee ended almost flat at 90.20/25 to the dollar compared with Wednesday's close of 90.18/23.

The rupee touched a record low of 91.28 to the dollar in intra-day trade this month, pressured by concerns about higher payments for oil imports and the country's economic health, especially a weakening current account.

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 coming months because of debt repayments and a lack of external aid.

In the money market, overnight rates ended at 11.90 percent, compared with Wednesday's close of 9.10 percent amid lack of liquidity in the interbank market.

There were scheduled inflows of 74 billion rupees ($820.35 million) against outflows of 108 billion rupees ($1.20 billion)on Thursday. (Reuters)