Rupee recovers 10 paisas on improved export receipts

KARACHI: The Pak Rupee recovered 10 paisas against dollar on Thursday after ease in demand for import payments and report of improved export receipts.

The rupee ended Rs168.13 to the dollar from previous day’s closing of Rs168.23 in interbank foreign exchange market.

Currency experts said that improved inflows of export receipts and remittances helped the rupee to make recovery.

The rupee fell by around Rs1.25 against dollar during first three trading days of the current week.

The experts said that the rupee likely to improve in coming days due to improved inflows of export receipts and workers remittances.

The exports of the country increased by 25 percent in July 2020 as compared with the previous month owing to enhance in economic activities after ease in lockdown, according to data released by Pakistan Bureau of Statistics (PBS) a day earlier.

The country’s exports were at $2 billion in July 2020 as compared with $1.59 billion in June 2020.

The rise in exports may be attributed to ease in lockdown and resumption of economic activities during July 2020. The lockdown was imposed since March 2020 to prevent the spread of coronavirus.

The import bill during July 2020 fell by 2 percent to $3.64 billion as compared with $3.72 billion in June 2020.

The trade deficit shrank by 22.64 percent to $1.64 billion in July 2020 as compared with deficit of $2.12 billion in June 2020.

The exports in July 2020 registered an increase of 6.04 percent when compared with $1.88 billion in July 2019.

The import bill in July 2020 fell by 2 percent when compared with $3.7 billion in July 2019.

The trade deficit reduced by 10.24 percent in July 2020 when compared with deficit of $1.82 billion in July 2019.

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