Rupee falls by 35 paisas on import, corporate payments

KARACHI: The Pak Rupee fell by 35 paisas against the dollar on Tuesday owing to jack up in foreign currency demand for imports and corporate payments.

The rupee ended Rs160.33 to the dollar from the previous day’s closing of Rs159.98 in the interbank foreign exchange market.

Currency dealers said that the demand of the greenback remained high due to improvement in foreign trade following vaccination initiated for coronavirus.

They further said that the foreign companies operating in Pakistan were also buying dollars to repatriate profit and dividend for the period ended December 31, 2020.

They however hoped that the improved export receipts and inflows of workers remittances would help the local unit to gain value.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

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