Currency: Rupee weakens against dollar
The rupee ended weaker at 98.16/98.21 against the dollar, compared to Monday’s close of 98.10/98.15.
Reuters
February 19, 2013
Less than a minute read
KARACHI:
The rupee ended weaker at 98.16/98.21 against the dollar, compared to Monday’s close of 98.10/98.15. 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. Meanwhile, overseas Pakistani workers have so far remitted $8.21 billion in the ongoing fiscal year, a growth of 10.4% year-on year, or $770.41 million. 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 7.25% compared to Monday’s close of 7.5%.
Published in The Express Tribune, February 20th, 2013.
Like Business on Facebook to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ