Observer Report
Karachi
The Pak Rupee gained 39 paisas against dollar on Monday owing to sufficient inflows of workers remittances and export receipts. The rupee ended Rs166.86 to the dollar from last Friday’s closing of Rs167.26 in interbank foreign exchange market. Currency experts said that the inflows of workers remittances and export receipts were more than the demand for import payments.
The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019. Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19. According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year. This helped the country to curtail the trade deficit for the year.
