Currency: Rupee weakens against dollar
The rupee ended at 105.51/105.56 against the dollar in the interbank market on Monday.
KARACHI:
The rupee ended at 105.51/105.56 against the dollar in the interbank market on Monday, compared to Friday’s close of 105.42/105.47. 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 $109 million was made on December 30. 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 8.50% from Fridays close of 9.90%.
Published in The Express Tribune, January 14th, 2014.
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