Rupee ends firmer against dollar

Rupee ends firmer against dollar

KARACHI: The Pak Rupee ended firmer against dollar on Thursday as sufficient inflows of the foreign currency were available to meet import payment demand.

The rupee ended Rs167.62 to the dollar from previous day’s closing f Rs167.63 in interbank foreign exchange market.

Currency experts said that after ease in lockdown which resulted in improved economic activities the demand for foreign currency was increased especially for the import payment.

They however said that the inflows in terms of remittances and export receipts helped the rupee to maintain levels.

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.