Currency: Rupee strengthens against dollar

KARACHI: The rupee ended stronger at 100.10/100.15 against the dollar, compared to Thursday’s close of 101.2/101.45. 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. The last IMF repayment of $260 million was made on June 28, 2013. Overseas Pakistanis sent home a record $13.92 billion in the previous fiscal year, showing a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier. Monthly average of remittances for July-May this fiscal year came to $1.16 billion compared to $1.097 billion in the same period a year ago. Overnight rates in the money market fell to 8.25% form Wednesday’s close of 9%.

Published in The Express Tribune, July 13^th, 2013.

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