Currency: Rupee weakens against dollar

KARACHI: The rupee ended weaker at 108.22/108.28 against the dollar, compared with Tuesday’s close of 108.00/108.08. Heavy debt repayments to the IMF have dented the central bank’s reserves, which have declined significantly, putting pressure on the rupee. Fresh repayment of $396 million to the IMF was made on November 26. Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier. According to data provided by the State Bank of Pakistan, overseas Pakistanis remitted $5.275 billion between July and October this year. Overnight rates in the money market increased to 10% from Tuesday’s close of 9.75%.

Published in The Express Tribune, November 28^th, 2013.

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