Rupee eases, overnight rates flat

KARACHI: The rupee eased against the dollar amid higher demand for the dollar from importers, but dealers expect the local unit to be range-bound in the coming days because of higher remittances from overseas Pakistanis.

The rupee closed at 85.30/38 to the dollar, compared with Wednesday’s close of 85.20/26. In the money market, overnight rates remained at a high of 13.90 per cent amid tight liquidity in the interbank market. Dealers said they expect the central bank to inject funds into the market on Friday to ease the liquidity shortage.

Published in The Express Tribune, April 1^st, 2011.