Rupee eases by 18 paisas against dollar

Rupee eases by 18 paisas against dollar

KARACHI: The Pak Rupee eased by 18 paisas against dollar on Tuesday as demand for import and corporate payment remained exist.

The rupee ended Rs167.64 to the dollar from previous day’s closing of Rs167.46 in interbank foreign exchange market.

Currency experts said that after Eid holidays the demand for dollar was remained exist. Besides, the ease in lockdown also improved the economic activities which escalated demand for imported goods.

Currency experts said that the rupee may rebound in coming days owing to improved inflows of remittances and export receipts.

The State Bank of Pakistan (SBP) last week received $505.5 million from the World Bank.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.