Currency: Rupee weakens against dollar

KARACHI: The rupee ended weaker at 103.53/103.56 against the dollar, compared to Wednesday’s close of 103.42/103.48. 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. Overnight rates in the money market remained flat at 8.50%.

Published in The Express Tribune, August 23^rd 2013.

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