Currency: Rupee strengthens against the dollar

The rupee ended at 98.29/98.33 against the dollar, stronger than Monday’s close of 98.38/98.43.


Reuters April 02, 2013

KARACHI: In the currency market, the rupee ended at 98.29/98.33 against the dollar, stronger than Monday’s close of 98.38/98.43. 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, on March 28, successfully paid its 11th instalment worth $143.75million of Stand-By-Arrangement (SBA) to the IMF. 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 fell to 9.25 percent from Monday’s close of 9.40 percent.

Published in The Express Tribune, April 3rd, 2013.

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