Rupee firms

Reuters May 11, 2010

KARACHI: The rupee firmed to 83.88/94 to a dollar compared to Monday’s close of 84.14/19 because of fewer import payments and also because exporters sold dollars.

Dealers said that the rupee had also been supported by remittances from Overseas Pakistanis. The State Bank said on Tuesday that remittances received during the first 10 months of the 2009/10 fiscal year (July-June) rose by 15 per cent to $7.31 billion compared to the same period last year.

Published in the Express Tribune, May 12th, 2010.