KARACHI: The rupee ended weaker at 85.37/42 to the dollar compared with Friday’s close of 85.18/23 because of import payments.
“There were oil payments in the market today,” said a dealer at a foreign bank. Dealers said incoming remittances should support the rupee and should remain around these levels.
Remittances from overseas Pakistanis increased by 23.81 per cent to more than $9 billion in the first 10 months of the 2010/11 fiscal year, according to the State Bank of Pakistan.
In the money market, overnight rates were flat at a top level of 13.90 per cent, unchanged from Saturday’s close and dealer expect the market to remain tight because of payments.
Published in The Express Tribune, May 17th, 2011.
