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Pak Rupee falls by 15 paisas against US dollar ahead Eid holidays

Pak Rupee falls by 15 paisas against US dollar ahead Eid holidays

KARACHI: The Pak Rupee further eased by 15 paisas against US dollar on Thursday ahead of long holidays on the occasion of Eid-ul-Fitr.

The rupee closed at Rs160.92 to the dollar from previous day’s closing of Rs160.77 in interbank foreign exchange market.

Currency experts said that the deterioration in rupee value was continued due to higher demand for import and corporate payments.

They said that buyers were remained active due to advance payments. They said that the Eid Holidays will commence from May 22 till May 27.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.