In the currency market, the Pakistani rupee ended stronger at 90.90/95 to the dollar, compared with Monday’s close of 91.02/06.
The rupee has been supported by remittances, which rose 21.45 per cent 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.
Pakistan’s GDP growth is estimated at 3.2 per cent for 2011/12 fiscal year, according to the Pakistan Bureau of Statistics.
The growth target was 4.2 per cent as originally presented in the budget announced June 2011 and later revised down to 4 per cent following floods in August and September that year.
Pakistan’s current account deficit widened to a provisional $3.089 billion in the first nine months of the 2011/12 fiscal year, compared with $10 million over the same period in the previous year, the central bank said on Wednesday.
Overnight rates in the money market ended at 10.75 per cent, down from Monday’s close of 11.90 because of increased liquidity in the market.
Rupee strengthens; o/n rates down
