Currency: Rupee weaker in interbank market
The rupee ended weaker at 104.94/104.99 against the dollar in the interbank market on Monday.
KARACHI:
The rupee ended weaker at 104.94/104.99 against the dollar in the interbank market on Monday, compared to Friday’s close of 104.88/104.95. Heavy debt repayments to the International Monetary Fund (IMF) have dented the central bank’s reserves, which have declined, putting pressure on the rupee. Pakistan paid the 28th loan installment of $149 million to the IMF on February 18. According to data provided by the State Bank of Pakistan, overseas Pakistanis remitted $9.033 billion between July and January of the current fiscal year. They had 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. Overnight rates in the money market decreased to 8.00% from Friday’s close of 7.50%.
Published in The Express Tribune, February 25th, 2014.
The rupee ended weaker at 104.94/104.99 against the dollar in the interbank market on Monday, compared to Friday’s close of 104.88/104.95. Heavy debt repayments to the International Monetary Fund (IMF) have dented the central bank’s reserves, which have declined, putting pressure on the rupee. Pakistan paid the 28th loan installment of $149 million to the IMF on February 18. According to data provided by the State Bank of Pakistan, overseas Pakistanis remitted $9.033 billion between July and January of the current fiscal year. They had 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. Overnight rates in the money market decreased to 8.00% from Friday’s close of 7.50%.
Published in The Express Tribune, February 25th, 2014.