Rupee firms against the dollar
KARACHI: In the currency market on Wednesday, the rupee ended firmer at 90.70/75 to the dollar, compared with Tuesday’s close at 90.74/79 amid a lack of import payments.
The rupee has been supported recently by remittances from Pakistanis overseas, which rose nearly a quarter to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion in the 2010/11 period.
In February, remittances totaled $1.16 billion.
In the money market, overnight rates were flat at the top level of 11.90 per cent.