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Pak Rupee depreciates by 32 paisas against dollar

Pak Rupee depreciates by 32 paisas against dollar

KARACHI: The Pak Rupee depreciated by 32 paisas against dollar on Monday owing to higher demand for foreign currency on opening of the market after two weekly holidays.

The rupee ended Rs163.62 to the dollar from last Friday’s closing of Rs163.30 in interbank foreign exchange market.

Currency dealers said that the forex market witnessed pressure for import and corporate payments.

The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.

The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.

The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.

This decline is primarily attributed to the government external debt repayments of $1.669 billion.

The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.