Currency: Rupee edges higher against dollar

KARACHI: The rupee ended slightly higher at 106.39/106.44 against the dollar, compared to Thursday’s close of 106.44/106.49. 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. Overnight rates in the money market increased to 8.25% from Thursday’s close of 7%.

Published in The Express Tribune, October 26^th, 2013.

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