KARACHI: The rupee ended steady at 97.90/97.95 against the dollar compared to Wednesday’s close of 97.80/97.85. 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. Overnight rates in the money market rose to 10 % from Wednesday’s close of 9.50%.
Published in The Express Tribune, April 25th, 2014.