Currency: Rupee weakens against dollar
There were no changes in the money market or rupee exchange rates since Monday was a bank holiday.
KARACHI:
There were no changes in the money market or rupee exchange rates since Monday was a bank holiday. The rupee closed at 99.40/99.50 on Friday. Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year, putting pressure on the rupee. The last IMF repayment of $260 million was made on June 28 2013. 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 closed at 9% on Friday.
Published in The Express Tribune, July 2nd, 2013.
There were no changes in the money market or rupee exchange rates since Monday was a bank holiday. The rupee closed at 99.40/99.50 on Friday. Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year, putting pressure on the rupee. The last IMF repayment of $260 million was made on June 28 2013. 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 closed at 9% on Friday.
Published in The Express Tribune, July 2nd, 2013.