The rupee closed at 84.55/58 to the dollar, up from Tuesday’s close of 84.65/70. The rupee has performed strongly in recent months, hitting an 11-month high earlier this month, largely due to a record inflow of remittances, strong foreign exchange reserves, healthy exports and a current account surplus, according to analysts and officials. In the money market, overnight rates remained pegged at lower levels and closed unchanged at 11.1 per cent in a liquid market.
Published in The Express Tribune, April 28th, 2011.
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