Currency: Rupee weaker against dollar

KARACHI: The Pakistani rupee ended weaker at 91.26/32 to the dollar, compared with Friday’s close of 90.73/93. The currency has been supported by remittances, which rose 20.2% to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year. In April, remittances totalled $1.14 billion. Overnight rates in the money market closed lower at 10.50%, compared to 11.90% on Friday, because of increased liquidity in the interbank market.

Published in The Express Tribune, May 22^nd, 2012.