Currency: Rupee stable against dollar

KARACHI: The rupee remained stable at 101.4/101.6 against the dollar in the inter-bank market on Friday compared to Thursday’s close of 101.4/101.6. The currency market has stabilised over the past many months after experiencing extensive volatility, when the rupee weakened from around Rs98 to a dollar to above Rs103 in the wake of political impasse over alleged election rigging. Earlier, the rupee remained glued to the Rs98 level for months, recovering from the historic low of Rs110. It came under pressure following heavy debt repayments to the International Monetary Fund (IMF) and other creditors, which ate into the central bank’s foreign currency reserves.

Published in The Express Tribune, May 16^th, 2015.

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