Business

Rupee strengthens

The rupee ended firmer at 85.45/55 to the dollar, compared with Tuesday’s close of 85.52/58 amid lack of import payments.

Reuters July 22, 2010

KARACHI: The rupee ended firmer at 85.45/55 to the dollar, compared with Tuesday’s close of 85.52/58 amid lack of import payments. Dealers said the local unit was expected to stay range-bound in the near term.

The rupee fell to a record closing low of 85.75/80 last week amid high dollar demand from importers as well as debt repayments. In the money market, overnight rates ended at between 12 per cent and 12.15 per cent, compared with Tuesday’s close of 12.10 per cent.

Dealers also expect the PIB cut-off yield to go higher due to expectations of a possible increase in the policy rate when the central bank unveils the monetary policy later this month.

Published in The Express Tribune, July 22^nd, 2010.