Currency: Rupee strengthens against dollar

The rupee ended stronger at 101.9/102.1 against the dollar.

Reuters August 13, 2013

KARACHI: The rupee ended stronger at 101.9/102.1 against the dollar, compared to Wednesday’s close of 102.24/102.29, according to figures on

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. Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), 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 $1.160 billion compared to $1.097 billion in the same period a year ago.

Overnight rates in the money market fell to 8% from Tuesday’s close of 9%.

Published in The Express Tribune, August 13th, 2013.

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