KARACHI: The rupee ended almost flat at 86.20/25 to the dollar, compared with Tuesday’s close of 86.22/27 and dealers said the local unit should largely hold steady in the days ahead. The rupee hit a record low of 86.50 in May, but has been steady since, largely due to increased remittances from Pakistanis working abroad. According to official data, remittances rose to a record $11.2 billion in 2010/11 fiscal year, an increase of 25.77% from the previous year. In the money market, overnight rates closed at between 13.50% and 13.75%, compared with the previous day’s close of 13.90%, and dealers said rates are likely to hover around current levels.
Published in The Express Tribune, July 21st, 2011.
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