Jun 062017
 

KARACHI: The rupee remained stable against the dollar at 104.5/104.7 in the inter-bank market on Tuesday compared to Monday’s close of 104.5/104.7. Currency: Rupee stable against dollar The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions. In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it weakened from around Rs98 to a dollar to above Rs103 in the wake of political impasse over alleged election rigging. Recently, the central bank has imposed 100% cash margin on the import of certain consumer goods to restrict the demand for US dollars. The rupee has been one of the best performing currencies in Asia for over three years despite the dollar’s sharp appreciation against other currencies. Currency: Rupee stable against dollar However, the International Monetary Fund has repeatedly said that Pakistan’s rupee is overvalued by 5-20%. According to analysts, the artificial support for the rupee has adversely affected Pakistan’s exports. Published in The Express Tribune, June 7th, 2017. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation. The post Currency: Rupee stable against dollar appeared first on The Express Tribune. Click for detailed story

Feb 142017
 

KARACHI: The rupee remained stable against the dollar at 104.4/104.6 in the inter-bank market on Tuesday compared to Monday’s close of 104.4/104.6. The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions. In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it 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. In 2013-14, the reserves, however, swelled more than 50%, thanks to IMF and other assistance and growing remittances sent home by overseas Pakistanis.   Published in The Express Tribune, February 15th, 2017. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation. The post Currency: Rupee remains stable against dollar appeared first on The Express Tribune. Click for detailed story

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