Dollar strengthens by Re1 in past three days

Dollar strengthens by Re1 in past three days

KARACHI: The US dollar strengthened by around one rupee during past three trading sessions owing to fall in remittances and rise in demand for import payments, dealers said on Wednesday.

The Pak Rupee fell by 50 paisas to close at Rs160.95 to the dollar from previous day’s closing of Rs160.45 in interbank foreign exchange market.

The rupee closed at Rs159.96 to the dollar on Friday May 08, 2020.

They said that the after the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.