Currency: Rupee weakens against dollar
The rupee ended weaker at 106.78/106.83 against the dollar, compared to Tuesday’s close of 106.57/106.63.
KARACHI:
The rupee ended weaker at 106.78/106.83 against the dollar, compared to Tuesday’s close of 106.57/106.63. 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 increased to 8.25% from Tuesday’s close of 7.75%.
Published in The Express Tribune, October 31st, 2013.
The rupee ended weaker at 106.78/106.83 against the dollar, compared to Tuesday’s close of 106.57/106.63. 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 increased to 8.25% from Tuesday’s close of 7.75%.
Published in The Express Tribune, October 31st, 2013.