Currency: Rupee firms, overnight rates flat

KARACHI: The rupee firmed to 87.15/20 to the dollar compared with Tuesday’s close of 87.36/41 on increased remittances from Pakistanis living abroad. According to official data, remittances rose 25 per cent to $3.3 billion in the first three months of 2010/11 fiscal year (July-June), compared with $2.65 billion in the same period last year. However remittances fell to $890 million in September, compared with $922 million received in September last year. In the money market, overnight rates ended at the top level of 11.90 per cent amid tight liquidity in the market.

Published in The Express Tribune, October 13^th, 2011.