Currency: Rupee edges higher against dollar
The rupee ended slightly higher at 106.39/106.44 against the dollar, compared to Thursday’s close of 106.44/106.49.
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 26th, 2013.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ