Currency: Rupee firms, overnight rates fall
Dealers say local unit expected to be range-bound because of higher remittances from overseas Pakistanis.
KARACHI:
The rupee firmed against the dollar amid low demand for the dollar from importers and dealers said the local unit is expected to be range-bound in the coming days because of higher remittances from overseas Pakistanis. The rupee closed at 85.26/33 to the dollar, compared with Thursday’s close of 85.30/38. In the money market, overnight rates eased to 13.75 per cent, compared with the previous day’s close of 13.90 per cent after the central bank conducted a seven-day reverse repo and bought back Rs62.95 billion worth of government paper to inject liquidity into the interbank market.
Published in The Express Tribune, April 2nd, 2011.
The rupee firmed against the dollar amid low demand for the dollar from importers and dealers said the local unit is expected to be range-bound in the coming days because of higher remittances from overseas Pakistanis. The rupee closed at 85.26/33 to the dollar, compared with Thursday’s close of 85.30/38. In the money market, overnight rates eased to 13.75 per cent, compared with the previous day’s close of 13.90 per cent after the central bank conducted a seven-day reverse repo and bought back Rs62.95 billion worth of government paper to inject liquidity into the interbank market.
Published in The Express Tribune, April 2nd, 2011.