Rupee ends flat at 90.76/78 to USD

KARACHI: The rupee Friday closed almost flat at 90.76/78 to the dollar, compared with Thursday's close of 90.72/77.

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 in April, 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 11 percent, up from Thursday's close of 9.10 because of decreased liquidity in the market. (Reuters)