Pakistan Rupee depreciates against US dollar in interbank market

Pakistan Rupee depreciates against US dollar in interbank market
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KARACHI – The Pakistani rupee on Monday slipped to Rs157.70 against the US dollar after losing 18 paisa in the interbank market during the early trade hours.

Ahead of Eidul Azha and in the first month of July of the current fiscal year 2019-20, Pakistan received higher remittance inflows from overseas Pakistanis – 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 Eidul 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.

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