Currency: Rupee weakens against dollar
The rupee ended weaker at 106.98/107.05 against the dollar, compared to Friday’s close of 106.84/106.90.
KARACHI:
The rupee ended weaker at 106.98/107.05 against the dollar, compared to Friday’s close of 106.84/106.90. 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. Overnight rates in the money market rose to 8.25% from Friday’s close of 7.00%.
Published in The Express Tribune, November 5th, 2013.
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