Currency: Rupee weakens against dollar

KARACHI: The Pakistani rupee ended slightly weaker at 90.82/88 to the dollar, compared to Monday’s close of 90.74/79.The currency has been supported by remittances, 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 totaled $1.14 billion. State Bank of Pakistan’s monetary policy statement claimed that the external sector was likely to remain under pressure because of both external debt payments and lack of foreign aid. Overnight rates in the money market ended lower at 11.25%, down from Monday’s close of 11.90%.

Published in The Express Tribune, May 9^th, 2012.