Currency: Rupee ends at 107.23
The rupee ended at 107.23/107.28 against the dollar in the interbank on Thursday.
KARACHI:
The rupee ended at 107.23/107.28 against the dollar in the interbank on Thursday. 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 $13.92 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 decreased to 9.50% from Wednesday’s close of 9.75 %.
Published in The Express Tribune, December 13th, 2013.
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