Rupee eases amid record monthly inflows of remittances

Rupee eases amid record monthly inflows of remittances

KARACHI: The Pak Rupee ended down by two paisas against dollar on Tuesday amid record remittances received by the central bank.

The rupee ended Rs168.19 to the dollar from previous day’s closing of Rs168.17 in interbank foreign exchange market.

Currency experts said that reports of record remittances received by the State Bank of Pakistan (SBP) helped the rupee to avoid significant depreciation against the foreign currency.

The inflow of workers’ remittances hit monthly record high of $2.77 billion in July 2020.

In July, workers’ remittances rose to US $ 2.768 billion. “This is the highest ever level of remittances in a single month in Pakistan,” according to the SBP.

In terms of growth, remittances increased by 36.5 percent over July 2019 (y/y) and 12.2 percent over June 2020 (m/m). Given the impact of Covid-19 globally, this increase in worker’s remittances is encouraging.

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