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Rupee strengthens, expected to gain value further

Rupee strengthens, expected to gain value further

KARACHI: The rupee ended higher at 102.85/102.95 against the dollar compared to previous close of 103.30/103.35 a day earlier. Overnight rates in the money market rose to 9.90% from Thursday’s close of 9.00%.

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. However reserves are stable and expected to increase.

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. If the trend in overseas remittances continues rupee is expected to reach 100 per dollar by the end of the current fiscal year.