KARACHI: In the currency market, the rupee ended weaker at 98.37/98.42 against the dollar, compared to Friday’s close of 98.30/98.35.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 $143.75 million of Standby 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 of 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 remained flat at 9.40 percent.
Published in The Express Tribune, April 9th, 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