Currency: Rupee firms, overnight rates rise

KARACHI: The rupee ended at 85.73/77 to the dollar, firmer than the previous day’s close of 85.86/89 because of a lack of import payments. The rupee hit a record low of 86.5 last month, and dealers said the local unit may face some pressure in the days ahead, amid increased demand for dollar for import payments and a bleak outlook. In the money market, overnight rates ended at the top level of 13.9 per cent, compared with Wednesday’s close of 12.75 per cent amid tight liquidity in the interbank market, dealers said.

Published in The Express Tribune, June 10th, 2011.