Currency: Rupee strengthens against dollar
The rupee ended higher at 105.92/105.97 against the dollar, compared to Monday’s close of 106.17/106.22.
KARACHI:
The rupee ended higher at 105.92/105.97 against the dollar, compared to Monday’s close of 106.17/106.22. Heavy debt repayments to the 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 increased to 9.5% from Monday’s close of 9.4%.
Published in The Express Tribune, October 9th, 2013.
The rupee ended higher at 105.92/105.97 against the dollar, compared to Monday’s close of 106.17/106.22. Heavy debt repayments to the 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 increased to 9.5% from Monday’s close of 9.4%.
Published in The Express Tribune, October 9th, 2013.