Currency: Rupee weakens against dollar
The rupee ended weaker 106.44/106.49 against the dollar, compared to Wednesday’s close of 106.41/106.46.
KARACHI:
The rupee ended weaker 106.44/106.49 against the dollar, compared to Wednesday’s close of 106.41/106.46. 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. 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 7% from Wednesday’s close of 9.4%.
Published in The Express Tribune, October 25th, 2013.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1732259077-0/carti-(1)1732259077-0-165x106.webp "article")
1733421998-0/New-Project-(1)1733421998-0-270x192.webp "gwadar airport declared as int l airport")
widening of current account deficit will weaken the rupee further as there is little scope for foreign investment in Pakistan looking to the current scenario.