Currency: Rupee weakens against dollar
The rupee ended weaker at 103.74/103.79 against the dollar, compared to Monday’s close of 103.70/103.75.
KARACHI:
The rupee ended weaker at 103.74/103.79 against the dollar, compared to Monday’s close of 103.70/103.75. 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 Monday’s close of 8.50%.
Published in The Express Tribune, August 28th, 2013.
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Roni
Everything has a lag and a outlook impact.
Sadly the last gov did nothing but destroy and steal from all Pakistanis and the current gov is simply inept at anything
Pakistani Rs is becoming more and more worthless with this new govt. Can the enemies of last govt show what was the value of Rs. vs US $ when Mush was forced to leave and what was it when last PM handed over the power? Now in a short few months Rs has taken a bigger nose dive than all the five years of last govt.