Currency: Rupee strengthens, overnight rates fall
Pakistani rupee strengthened to close at 85.82/87 to the dollar
KARACHI:
Pakistani rupee strengthened to close at 85.82/87 to the dollar on Wednesday, up from 85.88/93 a day earlier, amid a lack of import payments, dealers said. The rupee hit a record low of 86.50 in May, and dealers said the local unit is expected to stay largely stable in the medium term because of increased remittances from Pakistanis working abroad. According to official data, remittances topped $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010-11 fiscal year, an increase of 25 per cent compared with the same period last year. In the money market, overnight rates fell to close at 11.50 per cent, compared with Tuesday’s close of 13.90 per cent, dealers said.
Published in The Express Tribune, July 7th, 2011.
Pakistani rupee strengthened to close at 85.82/87 to the dollar on Wednesday, up from 85.88/93 a day earlier, amid a lack of import payments, dealers said. The rupee hit a record low of 86.50 in May, and dealers said the local unit is expected to stay largely stable in the medium term because of increased remittances from Pakistanis working abroad. According to official data, remittances topped $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010-11 fiscal year, an increase of 25 per cent compared with the same period last year. In the money market, overnight rates fell to close at 11.50 per cent, compared with Tuesday’s close of 13.90 per cent, dealers said.
Published in The Express Tribune, July 7th, 2011.