Rupee makes no headlines against US dollar

KARACHI: The rupee Thursday ended almost flat at 90.69/75 to the dollar, compared with Wednesday's close of 90.68/72.

The rupee has been supported recently by remittances from Pakistanis overseas, which rose 21.45 percent 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.

Dealers also said they were awaiting the monetary policy announcement due on Friday, in which the key policy rate is expected to be kept unchanged at 12 percent.

Overnight rates in the money market were flat at 11.90 percent, unchanged from the previous day's close.

Dealers said there were scheduled outflows of 222 rupees ($2.45 billion) and they expect the central bank to conduct a reverse-repo on Friday. (Reuters)