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Pak Rupee eases by 10 paisas against USD on import payment demand

Pak Rupee eases by 10 paisas against USD on import payment demand

KARACHI: The Pak Rupee eased by 10 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

The rupee ended at Rs165.87 to the dollar from last Friday’s closing of Rs165.77 in interbank foreign exchange market.

The currency experts said that the rupee was under pressure against the foreign currency due to the first day of the week. They said that the rupee may rebound in coming days due to improved foreign exchange reserves of the country.

The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).

The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.

The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.

Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.