Currency: Rupee weakens against dollar
Overnight rates in the money market remained flat at 10.00 percent.
KARACHI:
The rupee ended at 105.50/105.55 against the dollar in the interbank market on Friday, compared to Thursday’s close of 105.32/105.37. 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, February 1st, 2014.
The rupee ended at 105.50/105.55 against the dollar in the interbank market on Friday, compared to Thursday’s close of 105.32/105.37. 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, February 1st, 2014.