Currency: Rupee steady against dollar

The rupee ended steady at 106.4/106.6 against the dollar, according to data maintained by forex.com.pk.


Reuters November 01, 2013

KARACHI: The rupee ended steady at 106.4/106.6 against the dollar, according to data maintained by forex.com.pk. 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 $164 million was made on September 27, 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.

Published in The Express Tribune, November 2nd, 2013.

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