Currency: Rupee flat, overnight rates lower

KARACHI: The rupee ended almost flat on Tuesday and dealers expect the pressure on the local unit to ease in the short term because of increased remittances from Pakistanis living abroad, dealers said.

The rupee ended at 89.10/20 to the dollar, compared with Monday’s close of 89.10/15. It dropped to a record low of 89.45 on Wednesday. In the money market, overnight rates closed lower at 9%, compared with Monday’s close of between 9.50% and 10% amid increased liquidity in the interbank market.

Published in The Express Tribune, December 14^th, 2011.