Currency: Rupee steady against dollar

KARACHI: The rupee ended steady at 98.04/98.09 against the dollar, compared to Wednesday’s close of 98.05/98.10. The rupee has come under pressure after Pakistan made a $145 million payment to the International Monetary Fund (IMF), dealers said. Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year. The next IMF repayment of $398 million is due later this month on February 26. Monthly average remittances for the first seven months of the fiscal year clocked in at $1.17 billion as compared to $1.06 billion during the corresponding period of the previous fiscal year Overnight rates in the money market fell to 7% compared to Wednesday’s close of 9%.

Published in The Express Tribune, February 15^th, 2013.

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