Currency: Rupee weakens against dollar

KARACHI: The rupee ended weaker at 98.80/98.85 against the dollar, compared to Wednesday’s close of 98.65/98.70. 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 instalment worth $143.75 million of Standby Arrangement (SBA) to the IMF. Meanwhile, overseas Pakistani workers have so far remitted $12.762 billion in the ongoing fiscal year, a growth of 5.74% or $693.34 million. Monthly average of remittances for July-May this fiscal year came to $1.160 billion compared to $1.097 billion in the same period a year ago. Overnight rates in the money market fell to 8% from Wednesday’s close of 8.50%.

Published in The Express Tribune, June 21^st, 2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.