Rupee plummets by Rs1.06 on dollar demand for import payments

Rupee plummets by Rs1.06 on dollar demand for import payments

KARACHI: The Pak Rupee fell Rs1.06 against dollar on Tuesday owing to higher import and corporate demand.

The rupee ended Rs167.65 to the dollar from previous day’s closing of Rs166.59 in interbank foreign exchange market.

Currency experts said that the rupee was under pressure due to high demand for corporate and import payments. They said that due to fiscal year closing the corporate sector repatriate their profits to their parent companies abroad.

They said that the scheduled repayment of foreign loans also put pressure on foreign exchange reserves.

However, the reserves slightly increased last week.

The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

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