Currency: Rupee strengthens against dollar

Published: April 5, 2012

KARACHI: In the currency market, the rupee ended firmer at 90.30/35 to the dollar, compared with Tuesday’s close of 90.49/54 to the dollar amid a lack of import payments. The rupee has also been supported recently by remittances from overseas Pakistanis, rising by nearly a quarter to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion in the 2010/11 period. In February, remittances totalled $1.16 billion. In the money market, overnight rates fell to 9.10%, compared with the previous day’s close of 9.75% amid increased liquidity in the interbank market.

Published in The Express Tribune, April 5th, 2012.

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