Rupee depreciates by 37 paisas on higher import demand

KARACHI: The Pak Rupee further depreciated by 37 paisas against dollar on Tuesday owing to higher demand for import and corporate payments.

The rupee closed at Rs160.74 to the dollar from previous day’s closing of Rs160.37 in interbank foreign exchange market.

The local unit lost 27 paisas against dollar a day earlier.

Currency dealers said that the local unit was under pressure because market due to higher demand for import and corporate payments.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

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.

However, the experts said that the local currency recovered on the back of improved economic indicators.

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