Pakistan

Currency: Rupee remains steady against the dollar

The next IMF repayment of $391 million is due at the end of May.

Reuters March 28, 2013 Less than a minute read

KARACHI: In the currency market, the rupee ended steady at 98.35/98.39 against the dollar, compared to Tuesday’s close of 98.36/98.39.

Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year, putting pressure on the rupee.

Pakistan made another loan repayment to the IMF of $392 million on February 26, the central bank said. The next IMF repayment of $391 million is due at the end of May.

Meanwhile, overseas Pakistani workers have so far remitted $9.234 billion in the ongoing fiscal year, a growth of 7.47% year-on year, or $642 million.

Monthly average remittances for the first eight months of the fiscal year clocked in at $1.154 billion as compared to $1.074 billion during the corresponding period of the previous fiscal year.

Overnight rates in the money market rose to 9.50% from Tuesday’s close of 9.40%.

Published in The Express Tribune, March 28^th, 2013.

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