Rupee recovers 56 paisas against dollar on inflows

Rupee recovers 56 paisas against dollar on inflows

KARACHI: The Pak Rupee recovered 56 paisas against dollar on Wednesday on inflows of remittances and export receipts, dealers said.

The rupee ended Rs164.33 to the dollar from previous day’s closing of Rs164.89 in interbank foreign exchange market.

Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.

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.