Currency: Rupee weakens against dollar
The rupee ended weaker at 98.63/98.69 against the dollar, compared to Monday’s close of 98.53/98.58.
KARACHI:
The rupee ended weaker at 98.63/98.69 against the dollar, compared to Monday’s close of 98.53/98.58. 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. Meanwhile, overseas Pakistani workers have so far remitted $12.762 billion in the ongoing fiscal year, a growth of 5.74% year-on year, or $693.34 million. Monthly average remittances for the first eight months of the fiscal year clocked in at $1.16 billion as compared to $1.097 billion during the corresponding period of the previous fiscal year. Overnight rates in the money market fell to 9% from Monday’s close of 9.40%.
Published in The Express Tribune, June 19th, 2013.
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