Rupee closes firmer at 90.65/70 to dollar

KARACHI: The rupee Friday ended firmer at 90.65/70 to the dollar, compared with Thursday's close of 90.69/75.

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.

Overnight rates in the money market fell to end between 10.50 percent and 11 percent, compared with the previous day's close of 11.90 percent amid increased liquidity in the interbank market.

The State Bank of Pakistan kept its key policy rate unchanged at 12 percent for the subsequent two months to rein in inflation and because of weak external accounts.

The announcement was made after markets had closed. (Reuters)