Rupee ends firmer against dollar

Rupee ends firmer against dollar

KARACHI: The Pak Rupee ended firmer against dollar on Friday owing to lackluster demand from importers and corporate buyers.

The rupee ended Rs160.10 to the dollar, the same previous day’s level, in interbank foreign exchange market.

Earlier this week the dollar strengthened by around one rupee during (Monday to Wednesday) three trading sessions owing to fall in remittances and rise in demand for import payments.

However, the rupee recovered sharply on Thursday May 14, 2020 against the dollar.

The currency experts attributed to depreciation in rupee value to the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.