Currency: Rupee falls, overnight rates lower

KARACHI: The rupee lost value on Monday amid higher import payments. The currency closed at 84.27 to the dollar, compared with Friday’s close of 84.20/30, said a dealer at a local bank.

The rupee touched an 11-month high last week because of a record inflow of remittances in March, strong foreign exchange reserves, healthy exports and a current account surplus, according to analysts and officials. In the money market, overnight rates ended at 13 per cent, compared with Friday’s close of between 13.25 per cent and 13.50 per cent as there were scheduled inflows of Rs10.6 billion, dealers said.



Published in The Express Tribune, April 19^th, 2011.