Currency: Rupee strengthens against dollar

KARACHI: The rupee ended higher at 105.33/105.38 against the dollar in the interbank market on Wednesday, compared to Tuesday’s close of 105.40/105.46. 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 remained flat at 10.00 percent.

Published in The Express Tribune, January 30^th, 2014.

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