KARACHI: The rupee further weakened at 98.7/98.9 against the dollar on Wednesday compared to Tuesday’s close of 98.6/98.8. Earlier, heavy debt repayments to the International Monetary Fund (IMF) had dented the central bank’s foreign currency reserves, which 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 appreciated significantly. According to data provided by the State Bank of Pakistan, overseas Pakistanis remitted $15.8 billion in fiscal year 2013-14. 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, August 14th, 2014.
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