KARACHI: The Pak Rupee has slipped by 50 paisas against dollar on Monday owing to higher demand for import and corporate payment on the first day of the week.
The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs167.88 in interbank foreign exchange market.
Currency experts said that the demand was seen for the foreign currency as market was opened after two weekly holidays.
The experts however said that external inflows would help the rupee to rebound in coming days.
The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.
The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.
The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.
Dealers said the local currency also came under pressure due to increased dollar buying by importers to meet upcoming external payment obligations. However, they noted that improved remittance inflows and support from multilateral lenders could help stabilize the exchange rate in the near term, while market sentiment would remain linked to external account developments.
