The rupee ended almost steady at 98.51/98.56 against the dollar, compared to Thursday’s close of 98.50/98.55. PHOTO: FILE
The rupee ended almost steady at 98.51/98.56 against the dollar, compared to Thursday’s close of 98.50/98.55.
Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves, putting pressure on the rupee. Pakistan, on March 28, successfully paid its 11th installment worth $143.75 million of Standby Arrangement (SBA) to the IMF.
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. Overnight rates in the money market remained flat at 9.40%.
Published in The Express Tribune, June 15th, 2013.
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