Currency: Rupee strengthens against dollar
The rupee remained steady at 98.15/98.20 against the dollar, compared to Thursday’s close of 98.14/98.19.
KARACHI:
The rupee remained steady at 98.15/98.20 against the dollar, compared to Thursday’s close of 98.14/98.19. Pakistan made another loan repayment to the International Monetary Fund of $392 million on February 26, the central bank 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 $391 million is due at the end of May. 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 9% from Thursday’s close of 9.40%.
Published in The Express Tribune, March 2nd, 2013.
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The rupee remained steady at 98.15/98.20 against the dollar, compared to Thursday’s close of 98.14/98.19. Pakistan made another loan repayment to the International Monetary Fund of $392 million on February 26, the central bank 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 $391 million is due at the end of May. 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 9% from Thursday’s close of 9.40%.
Published in The Express Tribune, March 2nd, 2013.
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