THE RUPEE: rates mixed

Wednesday, June 17, 2009

KARACHI (June 17 2009): The rupee gave up its overnight firmness against dollar on the interbank market on Tuesday, shedding 10 paisa for buying and selling at 81.05 and 81.10, marketmen said. Importers' buying of dollars pushed the rupee lower, and it was most likely that the rupee may show slight weakness versus dollar in the coming days also, they said.

During the second session, the yen jumped broadly after a slide in global stocks boosted caution about the global economy, prompting investors to cut bets on riskier assets. The euro fell sharply versus the yen and hit its lowest level in almost a month against the dollar after the European Central Bank said euro zone banks will probably need to write down another $283 billion.

(BRecorder)