Currency: Rupee at 105.20 against dollar

KARACHI: The rupee ended at Rs105.20 against the dollar in the interbank market on Friday, according to forex.pk. 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 $147 million was made on December 27. 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.

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

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.