Pak Rupee continued to slide against dollar on Wednesday and lost 23 paisas owing to higher demand for import and corporate payments.
The rupee ended Rs164.56 to the dollar from previous day’s closing of Rs164.33 in interbank foreign exchange market. The rupee lost value of around Rs1.25 against dollar during past three trading days.
Currency dealers said that the forex market witnessed pressure for import and corporate payments. The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side. The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.
The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion. This decline is primarily attributed to the government external debt repayments of $1.669 billion.