Currency: Rupee strengthens opposite dollar
KARACHI: The rupee strengthened opposite a dollar during 104.4/104.6 in a inter-bank marketplace on Wednesday compared to Tuesday’s tighten of 104.7/104.9. The banking marketplace has fluctuated frequently in new months with large rises and falls on some occasions. In a prolonged run, however, a rupee has stood organisation after experiencing endless volatility, when it enervated from around Rs98 to a dollar to above Rs103 in a arise of domestic corner over purported choosing rigging. Earlier, a rupee remained glued to a Rs98 turn for months, recuperating from a ancestral low of Rs110. It came underneath vigour following complicated debt repayments to a International Monetary Fund (IMF) and other creditors, that ate into a executive bank’s unfamiliar banking reserves. In 2013-14, a reserves, however, swelled some-more than 50%, interjection to IMF and other assistance and flourishing remittances sent home by abroad Pakistanis.
Published in The Express Tribune, Feb 2nd, 2017.
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Article source: https://tribune.com.pk/story/1314223/currency-rupee-strengthens-dollar-15/