KARACHI:
The rupee ended weaker at 98.88/98.93 against the dollar, compared to Thursday’s close of 98.80/98.85.
Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves, putting pressure on the rupee. The last IMF repayment of $391 million was made at the end of May.
Meanwhile, overseas Pakistani workers have so far remitted $12.762 billion in the ongoing fiscal year, a growth of 5.74% or $693.34 million.
Monthly average of remittances for July-May this fiscal year came to $1.160 billion compared to $1.097 billion in the same period a year ago.
Overnight rates in the money market rose to 9.40% from Thursday’s close of 8%.
Published in The Express Tribune, June 22nd, 2013.
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