960403

Fifth devaluation

this year brings

rupee to 34.58

per dollar

KARACHI: A downward adjustment in the value of the rupee on Wednesday brought it six paisa lower to Rs 34.58 per dollar against Rs 34.52 fixed on March 13 this year.

The SBP gave no reason for the devaluation, the fifth this year, but currency dealers said the strength of the dollar on the international financial markets might be one of the chief reasons behind the rupee's continued weakness.

A foreign currency dealer said the rupee was likely to be allowed to weaken further till the announcement of the 1996/97 budget in June.

A banker working in a foreign bank said the rupee's value was lowered to help boost exports.