Rupee firms, overnight rates fall

KARACHI: The rupee firmed against the dollar despite rising international oil prices as dealers said the local unit was supported by higher remittances from overseas Pakistanis.

The rupee closed at 85.25/30 to the dollar, compared with Monday’s close of 85.30/35. In the money market, overnight rates fell to 13.5 percent, compared with the previous day’s close of 13.9 per cent, but dealers, waiting for the treasury bill auction scheduled for Wednesday, expect cut-off yields to rise.

Published in The Express Tribune, April 6^th,  2011.