Currency: Rupee almost flat against dollar

KARACHI: In the currency market, the rupee ended almost flat at 90.68/73 to the dollar, compared with Monday’s close of 90.67/69. The rupee has been supported recently by remittances from Pakistanis overseas, which rose 21.45% to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year. In March, remittances totalled $1.14 billion. The rupee touched a record low of 91.28 to the dollar in January, dragged down by concerns over higher payments for oil imports and Pakistan’s overall economic health. Overnight rates in the money market rose to 11.90%, compared with Monday’s close of 9.10, because of a lack of liquidity in the interbank market.

Published in The Express Tribune, April 11^th, 2012.