Rupee firms; o/n rates up

KARACHI: In the currency market, the rupee firmed to close at 87.63/67 to the dollar on Monday, from Friday's close of 87.75/78.

"The rupee weakest level was 87.85 per dollar," said a dealer at a foreign bank.
Some dealers said the central bank may have verbally intervened in the currency market to support the rupee.

The rupee hit a record low of 87.92 to the dollar on Friday and dealers expect the pressure to continue especially after Pakistan will not be receiving inflows from the IMF and also due to increased import payments and a negative economic outlook.

In the money market, overnight rates ended at a top level of 13.50 percent, compared with Saturday's close of 13.25 percent amid tight liquidity in the interbank market. (Reuters)