KARACHI: The rupee ended at 86.60/65 to the dollar, unchanged from Monday’s close, as dollar inflows matched its demand. “There were some import payments today, but the market was even and inflows matched the outflows,” said a dealer at a foreign bank. The rupee fell to a record low of 86.83 this month but dealers said a further slide in the local unit is likely to be prevented by a rise in remittances from overseas Pakistanis. According to official data, remittances rose 38.57 percent to $1.1 billion in the first month of 2011/12 fiscal year, compared with $791.18 million in the same period last year. In the money market, overnight rates ended at 13.0 percent, little changed from the previous day.
Published in The Express Tribune, August 17th, 2011.