Pakistan stocks close lower, rupee weakens, o/n rates flat

Last Updated: Wed, Mar 27, 2013 00:13 hrs

KARACHI, March 26 (Reuters) - Pakistan's stock market closed lower on Tuesday, while the rupee weakened against the dollar, dealers said.

Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.50 percent, or 89.76 points, lower at 17,872.15 points.

Oil and Gas Development Company Ltd fell 1.55 percent to 200.99 rupees and Muslim Commercial Bank Ltd fell 0.67 percent to 190.47 rupees.

In the currency market, the rupee ended weaker at 98.36/98.39 against the dollar, compared to Monday's close of 98.25/98.30. Heavy loan repayment to the International Monetary Fund (IMF) is raising concern and weakening the rupee, dealers said.

Overnight rates in the money market remained flat at 9.40 percent. (Compiled by the Karachi newsroom)

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