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Pak Rupee ends down by 12 paisas against USD due to import payment demand

Pak Rupee ends down by 12 paisas against USD due to import payment demand

KARACHI: The Pak Rupee ended down by 12 paisas against US dollar on Thursday owing to persistent demand for import and corporate payments.

The rupee ended Rs168.38 to the dollar from previous day’s closing of Rs168.26 in interbank foreign exchange market.

Currency experts said that the rising economic activities after ease in lockdown had increased the demand for imported goods/raw materials.

The experts however said that the improved trend in export receipts and workers remittance may help the local currency to rebound in coming days.

The inflow of workers’ remittances hit monthly record high of $2.77 billion in July 2020.

In July, workers’ remittances rose to US $ 2.768 billion. “This is the highest ever level of remittances in a single month in Pakistan,” according to the SBP.

In terms of growth, remittances increased by 36.5 percent over July 2019 (y/y) and 12.2 percent over June 2020 (m/m). Given the impact of Covid-19 globally, this increase in worker’s remittances is encouraging.