Rupee holds grounds against US dollar

KARACHI: The rupee ended stronger at 90.72/77 to the dollar, compared with Wednesday's close of 91.90/95.

The rupee has been supported by remittances, 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.

In its monetary policy statement this month, the State Bank of Pakistan said the external sector was likely to remain under pressure because of both external debt payments and a lack of foreign aid.

Overnight rates in the money market ended at 9.10 percent, down from Wednesday's close of 11.90 because of increased liquidity in the market. (Reuters)