Currency: Rupee weakens, overnight rates flat
Dealers say incoming remittances should support the rupee.
KARACHI:
The rupee ended weaker at 85.37/42 to the dollar compared with Friday’s close of 85.18/23 because of import payments.
“There were oil payments in the market today,” said a dealer at a foreign bank. Dealers said incoming remittances should support the rupee and should remain around these levels.
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 were flat at a top level of 13.90 per cent, unchanged from Saturday’s close and dealer expect the market to remain tight because of payments.
Published in The Express Tribune, May 17th, 2011.
The rupee ended weaker at 85.37/42 to the dollar compared with Friday’s close of 85.18/23 because of import payments.
“There were oil payments in the market today,” said a dealer at a foreign bank. Dealers said incoming remittances should support the rupee and should remain around these levels.
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 were flat at a top level of 13.90 per cent, unchanged from Saturday’s close and dealer expect the market to remain tight because of payments.
Published in The Express Tribune, May 17th, 2011.