Currency: Rupee firms, overnight rates down
rupee firmed to 86.54/59 to the dollar
KARACHI:
The rupee firmed to 86.54/59 to the dollar compared with Friday’s close of 86.57/62, amid a lack of import payments and 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 fiscal year 2011-12 (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 between 11.50% and 11.70%, compared with Friday’s close of 11.90% amid increased liquidity in the interbank market.
Published in The Express Tribune, October 18th, 2011.
The rupee firmed to 86.54/59 to the dollar compared with Friday’s close of 86.57/62, amid a lack of import payments and 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 fiscal year 2011-12 (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 between 11.50% and 11.70%, compared with Friday’s close of 11.90% amid increased liquidity in the interbank market.
Published in The Express Tribune, October 18th, 2011.