KARACHI – The Pakistani rupee on Monday slipped to Rs157.70 against the USdollar after losing 18 paisa in the interbank market during the early tradehours.
Ahead of Eidul Azha and in the first month of July of the current fiscalyear 2019-20, Pakistan received higher remittance inflows from overseasPakistanis – which in turn assisted the local currency in recoveringagainst the greenback.
Currency traders were of the view that the increasing inflows of remittancein connection with Eidul Azha had supported the local rupee in the market.According to them, the majority of inflows had come from Saudi Arabia andother Gulf countries, including the United Arab Emirates (UAE).
In the earlier weeks, the rupee had been observed to cumulativelydepreciate against the greenback, which in turn had resulted in increasedprices of goods and hardships for the general public.
Read Top Stories
The SBP let the rupee depreciate significantly in the inter-bank marketafter finalising an agreement with the International Monetary Fund (IMF)for a loan programme on May 12.
