Currency: Rupee weakens, overnight rates flat

In the money market, overnight rates were flat at the top level of 13.9 per cent, unchanged from the previous day.


Reuters May 21, 2011

KARACHI: The rupee ended weaker at 85.75/85 to the dollar compared with Wednesday’s close of 85.54/62 because of import payments. But dealers said lower oil prices and incoming remittances should support the rupee and it should remain around these levels. Remittances from overseas Pakistanis increased by 23.81 per cent to more than $9 billion in the first 10 months of the 2010/11 fiscal year, with $1.03 billion received in April, according to the State Bank of Pakistan. In the money market, overnight rates were flat at the top level of 13.9 per cent, unchanged from the previous day’s close, because of a scheduled net outflow of Rs35 billion.

Published in The Express Tribune, May 20th, 2011.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ