Currency: Rupee stable against dollar

It came under pressure following heavy debt repayments to the International Monetary Fund


Our Correspondent October 05, 2016
PHOTO: EXPRESS

KARACHI: The rupee remained unchanged against the dollar at 104.2/104.4 in the inter-bank market on Wednesday compared to Tuesday’s close of 104.2/104.4. The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions. In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it weakened from around Rs98 to a dollar to above Rs103 in the wake of political impasse over alleged election rigging. Earlier, the rupee remained glued to the Rs98 level for months, recovering from the historic low of Rs110. It came under pressure following heavy debt repayments to the International Monetary Fund (IMF) and other creditors, which ate into the central bank’s foreign currency reserves. In 2013-14, the reserves, however, swelled more than 50%, thanks to IMF and other assistance and growing remittances sent home by overseas Pakistanis.

Published in The Express Tribune, October 6th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ