June 25, 2008	Wednesday	Jamadi-us-Sani 20, 1429

KARACHI, June 24: The rupee weakened 0.6 per cent against the dollar on Tuesday as dealers said demand for dollars rose from importers making payments.

The rupee was quoted closing at 67.67/77 to the dollar, compared with Monday’s close of 67.25/45.

“There was an oil payment due today which added pressure on the rupee,” said a currency dealer.

Dealers said the rupee was expected to remain around 67 as there would be pressure from import payments due by the end of the fiscal year on June 30.

In the money market, overnight rates rose to top levels and dealers said they expect rates to remain at current levels.

Overnight call rates ended at 11.90 per cent, up from Monday’s close of 11.15 per cent, and just below the 12 per cent discount rate at which banks borrowed Rs1.3 billion.—Reuters