Currency: Rupee unchanged, overnight rates rise

KARACHI: The rupee ended at 85.65/70 to the dollar, almost unchanged from Friday’s close of 85.68/71. The rupee hit a record low of 86.50 last month, though dealers said increased remittances from Pakistanis working abroad could keep the local currency stable in the coming days. According to official data, remittances from overseas Pakistanis crossed $10 billion for the first time and were recorded at $10.1 billion in the first 11 months of the 2010-11 fiscal year, an increase of 25 per cent on the same period last year. In the money market, overnight rates rose to end between 11.45 and 12.15 per cent, compared with Saturday’s close of 11 per cent.

Published in The Express Tribune, June 14^th, 2011.