Currency: Rupee stable against dollar

KARACHI: The Pakistani rupee ended almost flat at 90.83/88 to the dollar, compared with Monday’s close of 90.80/91.00. The currency has been supported by remittances, which rose 20.2% to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year. In April, remittances totaled $1.14 billion. The rupee touched a record low of 91.28 to the dollar in January, dragged down by concerns over higher payments for oil imports and overall economic health. There is also concern about the current account deficit, which widened to a provisional $3.089 billion in the first nine months of current fiscal year. Overnight rates in the money market ended at 11.90%, the same level as Monday.

Published in The Express Tribune, May 16^th, 2012.