Currency: Rupee strengthens against dollar
Overseas Pakistanis remitted $9.033 billion between July and January of the current fiscal year.
KARACHI:
The rupee ended at 97.3/97.5 against the dollar compared to Friday’s close of 97.50/97.60, according to the data provided by the Forex Association. Heavy debt repayments to the International Monetary Fund (IMF) have dented the central bank’s reserves, which have declined significantly, putting pressure on the rupee. Pakistan paid the 30th loan installment of $109 million to the IMF on April 1. 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.
Published in The Express Tribune, April 22nd, 2014.
The rupee ended at 97.3/97.5 against the dollar compared to Friday’s close of 97.50/97.60, according to the data provided by the Forex Association. Heavy debt repayments to the International Monetary Fund (IMF) have dented the central bank’s reserves, which have declined significantly, putting pressure on the rupee. Pakistan paid the 30th loan installment of $109 million to the IMF on April 1. 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.
Published in The Express Tribune, April 22nd, 2014.