Currency: Rupee strengthens against dollar

The rupee ended higher at 106.15/106.20 against the dollar in the interbank market on Friday.

KARACHI:
The rupee ended higher at 106.15/106.20 against the dollar in the interbank market on Friday compared to Thursday’s close of 106.28/106.33. 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 remained flat at 10%.


Published in The Express Tribune, December 21st, 2013.