Currency: Rupee weakens against dollar Tribune

KARACHI: The rupee ended weaker at 106.12/106.18 against the dollar, compared to Thursday’s close of 105.83/105.89. Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year, putting pressure on the rupee. The last IMF repayment of $260 million was made on June 28, 2013. Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), showing a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier. 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 increased to 9.4% from Thursday’s close of 9.25%. Published in The Express Tribune, October 5th, 2013.