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Dollar declines against PKR, dips to Rs158.59 in interbank market

Dollar declines against PKR, dips to Rs158.59 in interbank market

KARACHI: The US dollar on Tuesday depreciated by three paisa against the Pakistani rupee and hit Rs158.59 in the interbank market.

On the other hand, the rupee lost its value by 10 paisa against the US dollar and hit Rs159 in the open market.

Ahead of Eidul Azha, Pakistan received higher remittance inflows from overseas Pakistanis in the first month of July of the current fiscal year 2019-20 – which in turn assisted the local currency in recovering against the greenback.

Currency traders were of the view that the increasing inflows of remittance in connection with Eid-ul Azha had supported the local rupee in the market. According to them, the majority of inflows had come from Saudi Arabia and other Gulf countries, including the United Arab Emirates (UAE).

In the earlier weeks, the rupee had been observed to cumulatively depreciate against the greenback, which in turn had resulted in increased prices of goods and hardships for the general public.

The SBP let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12.

The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.