Rupee falls by 27 paisas on improving demand

Rupee falls by 27 paisas on improving demand

KARACHI: The Pak Rupee fell by 27 paisas against dollar on Monday owing to higher demand for import and corporate payments.

The rupee closed at Rs160.37 to the dollar from last Friday’s closing of Rs160.10 in interbank foreign exchange market.

Currency dealers said that the local unit was under pressure because market was opened after two weekly holidays.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

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.