Currency: Rupee weakens, overnight rates flat

KARACHI: The rupee ended at 86.80/86 to the dollar, compared with Monday’s close of 86.63/69, despite an increase in remittances from overseas Pakistanis, because of increased import payments. According to official data, remittances rose 23.24% to $4.3 billion in the first four months of 2010/11 fiscal year (July-June), compared with $3.50 billion in the same period last year. Remittances rose to $1.02 billion in October, compared with $855.11 million received in October last year. In the money market, overnight rates ended flat at between 11.50% and 11.75%, unchanged from Monday’s close.

Published in The Express Tribune, November 16^th,  2011.