Rupee strengthens by Rs1.16 against dollar on inflows

Rupee strengthens by Rs1.16 against dollar on inflows

KARACHI: The Pak Rupee made significant gain of Rs1.16 against dollar on Thursday owing to ease in demand for import and corporate payments and substantial inflows during past week.

The rupee ended Rs166.89 to the dollar from June 30, 2020 closing of Rs168.05 in interbank foreign exchange market.

The currency market was remained closed for public dealing on July 01, 2020 on account of bank holiday.

Currency dealers said that the rupee was under pressure due to payment demand by end of fiscal year.

However, they said that the inflows from international financial institutions helped the rupee to gain the value.

The State Bank of Pakistan (SBP) has received $1.3 billion as government of Pakistan loan disbursements from Chinese Banks this week.

This brings the total amount of official inflows received since June 23, 2020 to around $3 billion.

Experts said that the transfers would also help the central bank to improve foreign exchange reserves.