Rupee eases against dollar as payment demand persists

Rupee eases against dollar as payment demand persists

KARACHI: The Pak Rupee eased by three paisas against dollar on Wednesday as high demand remained persist for import payment.

The rupee closed at Rs160.77 to the dollar from previous day’s closing of Rs160.74 in interbank foreign exchange market.

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.