KARACHI: The rupee ended weaker at 98.53/98.58 against the dollar.
Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves and 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. Meanwhile, overseas Pakistani workers had 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 9.4%.
Published in The Express Tribune, June 18th, 2013.
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