Rupee depreciates by 16 paisas on import, corporate payment demand

KARACHI: The Pak Rupee fell by 16 paisas against the dollar on Friday owing to demand for import and corporate payments ahead of weekly holidays.

The rupee ended Rs160.17 to the dollar from previous day’s closing of Rs160.01 in the interbank foreign exchange market.

Currency dealers said that the demand for the dollar was remained higher during the day due to two weekly holidays ahead.

The dealers said that the market also witnessed inflows for export receipts and workers’ remittances during the day but those were not sufficient to meet the demand.

The dealers hoped that the inflows export receipts and workers’ remittances would help the rupee to make gain.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

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