InfoAnda - Pakistani rupee gains vs dollar; stocks edge lower

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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 Pakistani rupee gains vs dollar; stocks edge lower Reuters - Wednesday, October 6 Send IM Story Print KARACHI, Oct 5 - The Pakistani rupee gained further on Tuesday after hitting record lows last week, and dealers said soft demand for the dollar from importers should keep the rupee steady for now. The rupee <PKR=PK> ended at 86.11/16 to the dollar on Monday, up from 86.20/25 on Monday. The rupee had closed on record lows for five days in a row till Friday. "There have been no major import payments in the last day or two which has supported the rupee," said a dealer at a foreign bank. "If this trend continues, the rupee should hold steady near term." The rupee has lost more than 1.0 percent of its value this year, after falling 6.17 percent in 2009. Meanwhile, stocks ended lower in slow trade amid lacklustre interest from investors. "There is no trigger in the market at the moment and investors are waiting for some positive news which can regenerate their interest," said Shuja Rizvi, head of sales at Crosby Securities. The Karachi Stock Exchange's benchmark 100-share index <.KSE> ended 0.20 percent, or 20.17 points, lower at 10,024.86. Turnover was 63.41 million shares, compared with 53.28 million shares on Monday. In the money market, overnight rates ended flat at 11.0. slightly higher than the previous day's 10.5 percent, and dealers said the market was now looking forward to a fortnightly treasury bills auction on Wednesday. The State Bank of Pakistan has set a target of 80.0 billion rupees for the auction of 3-, 6- and 12-month T-bills. <SBPK11> (For more Reuters coverage of Pakistan, see: http://www.reuters.com/places/pakistan) Recommend Send IM Story Print Related Articles CORRECTED - US STOCKS-Wall St rises 1 pct after ISM data, BofJ move Reuters - 24 minutes ago Need forex flexibility for rebalancing growth-U.S. Reuters - 26 minutes ago FOREX-Euro surges vs dollar; yen near intervention level Reuters - 26 minutes ago RPT-UPDATE 4-Vimpelcom in $6.6 bln deal to buy Orascom, Wind Reuters - 29 minutes ago Growth in global economy slows to 10-month low-PMI Reuters - 31 minutes ago News Search Top Stories US services 'grow more than expected' in September Wonder carbon pioneers win Nobel Physics Prize ECB soaks up cash to offset help through bond buying French rogue trader Kerviel jailed for three years French rogue trader Kerviel guilty of breach of trust More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Global marine life census charts vast world beneath the seas Doctors fueled US starlet's drug addiction US deficit is 'real and growing' threat: Bernanke Iraq oil reserves overtake Iran French rogue trader Kerviel jailed for three years More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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