InfoAnda - Pakistan rupee lower; o/n rates ease; stocks edge up

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Pakistan rupee lower; o/n rates ease; stocks edge up Reuters - Thursday, December 10 Send IM Story Print By Faisal Aziz KARACHI, Dec 9 - The Pakistani rupee edged slightly lower on Wednesday to near a 2009 closing low set earlier in the week, and dealers said the unit was expected to remain under pressure in the near-term. The rupee <PKR=> closed at 84.10/20 to the dollar, down from 84.07/17 a day earlier, but deals were struck as low as 84.20/25 during the day, dealers said. On Monday, the rupee ended at 84.15/20, its lowest close this year. "There were some payments in the market today but there was no panic," said a dealer at a foreign bank. The rupee fell on Monday after the central bank said commercial banks had to provide foreign currency for imports of crude oil. As part of Pakistan's commitments under an International Monetary Fund programme, the central bank said on Saturday it would stop providing foreign currency for imports for crude oil from Dec. 14. The State Bank of Pakistan stopped providing foreign exchange for furnace oil in February, and for diesel and other refined products in August. "After Dec. 14, the payment pressure is likely to increase which will put more pressure on the rupee," said a brokerage dealer. "However, much will depend on inflows from export proceeds and remittances," he said. The rupee has weakened about 6 percent this year after losing 22.12 percent last year. STOCKS EDGE UP An IMF emergency loan package of $7.6 billion agreed in November last year helped avert a balance of payments crisis and shored up reserves. The IMF, which increased the loan to $11.3 billion in July, has disbursed more than $5 billion. In the money market, overnight rates eased slightly to close at around 11.0 percent, compared with the previous day's close of 11.90 percent and compared with Monday's close of 12.25/30 percent. "There have been some small unscheduled inflows in the market which has supported short-term rates but we expect no major changes in rates during the rest of the week," said a money market dealer. Dealers said the next major inflow was scheduled for Dec. 17, of 15.1 billion rupees, and the next outflow was scheduled for Dec. 12, of 147.8 billion rupees. In the stock market, the benchmark Karachi Stock Exchange <.KSE> 100-share ended up 0.70 percent, or 61.47 points, at 8,905.43 on turnover of 63 million shares. Dealers said the market remained dull most of the day with investors staying on the sidelines amid worries about the security situation after three bomb attacks this week. "We saw some buying from local institutions towards the closing hours, which helped the index record a positive closing," said Ashraf Zakaria, a dealer at brokers Ali Hussain Rajabali and Co. However, dealers said with local investors worried and foreigners soon getting ready to go on Christmas and New Year holidays soon, the market was likely to remain range-bound in the near-term. 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