Currency: Rupee weakens against dollar
The rupee ended weaker at 106.11/106.16 against the dollar, compared to Thursday’s close of 106/106.1.
KARACHI:
The rupee ended weaker at 106.11/106.16 against the dollar, compared to Thursday’s close of 106/106.1. Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves, which have declined 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 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 $1.16 billion compared to $1.097 billion in the same period a year ago. Overnight rates in the money market decreased to 9.4% from Thursday’s close of 9.5%.
Published in The Express Tribune, October 12th, 2013.
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