Currency: Rupee flat against dollar

KARACHI: In the currency market, the rupee ended almost flat at 90.68/72 to the dollar, compared with Tuesday’s close of 90.68/73. 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. Dealers also said they were awaiting the monetary policy announcement due on Friday, in which the key policy rate is expected to be kept unchanged at 12%. 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 were flat at 11.90%, unchanged from the previous day’s close.

Published in The Express Tribune, April 12^th, 2012.