Rupee makes sharp recovery against dollar

Rupee makes sharp recovery against dollar

KARACHI: The Pak Rupee made significant recovery of 85 paisas against dollar on Thursday owing to inflows of the foreign currency in shape of remittances and export receipts.

The rupee ended Rs160.10 to the dollar from previous day’s closing of Rs160.95 in interbank foreign exchange market.

The US 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.

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.