Currency: Rupee weakens against dollar
The rupee ended weaker at 103.42/103.48 against the dollar, compared to Tuesday’s close of 103.12/103.17.
KARACHI:
The rupee ended weaker at 103.42/103.48 against the dollar, compared to Tuesday’s close of 103.12/103.17. 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 remained flat at 8.50%.
Published in The Express Tribune, August 22nd 2013.
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Wasn't the last IMF payment made a few days ago and not on 28th June as written in the article ?
Both India and Pakistan are doing well when we look at their defence budgets but when we look at their falling rupees, it seems no one is really worried and have learnt from the Soviet Union!