Pakistan

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.

Reuters July 08, 2013

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 9^th, 2013.

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

COMMENTS (1)

Banker | 11 years ago | Reply

Please note that this report is based only upon the information displayed on Thomson Reuters Eikon system and in no way does it reflect the true picture of the Ruppee. SBP has allocated a few specific banks to input data on the system so that the ruppee does not seem that depreciated. In the interbank market the highest level at which the ruppee traded was 100.26 whereas the reval rate (the official closing rate published by SBP, available on its website) was 100.0811, a far cry above what is reflected on the Thomson Reuters system. A more efective way to show the true value of the ruppee would be to ask bankers or brokers, instead of just mentioning the rates reflected on the system.

Replying to X