Currency: Rupee weakens against dollar

KARACHI: The rupee ended slightly weaker at 90.54/64 to the dollar, compared with Wednesday’s close of 90.30/35. The rupee has 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. The rupee touched a record low of 91.28 to the dollar in January this year, dragged down by concerns over higher payments for oil imports and Pakistan’s overall economic health. Overnight rates in the money market stayed flat at 9.10%, after falling to that level on Wednesday from Tuesday’s close of 9.75% because of sustained liquidity.

Published in The Express Tribune, April 6^th, 2012.