Currency: Rupee firms, overnight rates flat

KARACHI: The rupee ended firmer at 84.84/89 to the dollar, compared with Wednesday’s close of 84.93/98 because of a rise in remittances, dealers said. Remittances from overseas Pakistanis increased by 23.81 per cent to more than $9 billion in the first 10 months of the 2010/11 fiscal year, according to the State Bank of Pakistan. In the money market, overnight rates ended flat at 11 per cent, unchanged from the previous day’s close amid increased liquidity in the interbank market. Dealers said there are scheduled inflows amounting to Rs38 billion ($447 million) due on Friday.

Published in The Express Tribune, May 13^th, 2011.