KARACHI: The Pak Rupee ended down by 24 paisas against dollar on Monday owing to higher demand for import and corporate payments as market opened after long holidays.
The rupee ended Rs168.17 to the dollar as against the closing of August 13, 2020 at Rs167.93 in interbank foreign exchange market.
Currency experts said that the market was opened after three holidays and it resulted in higher demand for import and corporate payments.
The market was remained closed on August 14, 2020 on account of Independence Day and further two days closure due to weekly holidays.
The experts said that the local unit likely to rebound in coming days on back of improved inflows of workers’ remittances and export receipts.
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 State Bank of Pakistan (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.