Currency: Rupee steady against dollar
The rupee ended steady at 99.98/100.03 against the dollar, compared to Friday’s close of 99.97/100.03.
KARACHI:
In the currency market, the rupee ended steady at 99.98/100.03 against the dollar, compared to Friday’s close of 99.97/100.03. 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 rose to 9% from Friday’s close of 8.75%.
Published in The Express Tribune, July 9th, 2013.
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