Currency: Rupee strengthens against dollar
The rupee ended at 98.47/98.52 against the dollar stronger than Tuesday’s close of 98.53/98.57.
June 05, 2013
Less than a minute read
KARACHI:
The rupee ended at 98.47/98.52 against the dollar stronger than Tuesday’s close of 98.53/98.57. Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves, which have declined by 40% since the 2008 elections, 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 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 7%.
Published in The Express Tribune, June 6th, 2013.
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