Rupee eases by 20 paisas on import payment

KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Monday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended Rs166.17 to the dollar from last Friday’s closing of Rs165.97 in interbank foreign exchange market.

Currency experts said that the market was opened after weekly holidays and the local unit was under pressure due to demand for import and corporate payments.

They however said that improved inflows of remittances would help the local unit to recover in coming days.

The inflow of workers’ remittances sharply increased by 31 percent during first two months of the current fiscal year owing to initiatives of the central bank.

The inflow of remittances surged to $4.86 billion during July – August 2020 as compared with $3.71 billion during the corresponding period of the last fiscal year.

The inflows of remittances also registered an increase of 25 percent to $2.1 billion in August 2020 as compared with $1.68 billion in the same month of the last year.

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