Currency: Rupee declines against dollar
The rupee ended weaker at 108.57/108.63 against the dollar in the interbank on Tuesday.
KARACHI:
The rupee ended weaker at 108.57/108.63 against the dollar in the interbank on Tuesday, compared with Monday’s close of 108.48/108.54.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 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 remained flat at 10%.
Published in The Express Tribune, December 4th, 2013.
The rupee ended weaker at 108.57/108.63 against the dollar in the interbank on Tuesday, compared with Monday’s close of 108.48/108.54.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 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 remained flat at 10%.
Published in The Express Tribune, December 4th, 2013.