Rupee slips by 48 paisas against dollar on post Eid demand

Rupee slips by 48 paisas against dollar on post Eid demand

KARACHI: The Pak Rupee slipped by 48 paisas against dollar on Monday due to higher demand for the foreign currency at the resumption of trading after Eid holidays.

The rupee ended at Rs167.46 to the dollar from closing on July 30, 2020 at Rs166.98 in interbank foreign exchange market.

Currency experts said that the market witnessed higher demand for the greenback for their payments for import and corporate. They said that the pressure would be eased in coming days due to sufficient inflows were observed during past days.

The State Bank of Pakistan (SBP) last week received $505.5 million from the World Bank.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

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