Rupee eases by 7 paisas against dollar

Rupee eases by 7 paisas against dollar

KARACHI: The Pak Rupee ended down by 7 paisas against dollar on Wednesday owing to demand for import and corporate payments.

The rupee ended Rs168.26 to the dollar from previous day’s closing of Rs168.19 in interbank foreign exchange market.

Currency experts said that the demand of the foreign currency for import and corporate payments resulted in depreciation of the local unit.

The experts hoped that the local currency would rebound in coming days owing to significant inflows of export and remittances.

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.