Currency: Rupee stands firm against dollar

KARACHI: The rupee remained steady at 98.3/98.5 against the dollar on Tuesday compared to Monday’s close of 98.3/98.5. Earlier, heavy debt repayments to the International Monetary Fund (IMF) had dented the central bank’s reserves, which had declined significantly, putting pressure on the rupee. Pakistan paid the 30th loan instalment of $109 million to the IMF on April 1. However, with a sharp increase in reserves in the past few months, the rupee has gained significantly. 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, June 11^th, 2014.

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