U.S dollar has strengthened throughout the interbank market reaching Rs168.2 in opposition to Pakistani Rupee on the fourth day of the enterprise week.
According to the small print, that’s the perfect rise in dollar prices in opposition to Rupee inside two weeks.
Back on 30th July, the State Bank said that the dollar reserves stand at $11.9 billion. And these held by the industrial banks stand at $6.9 billion.
Currency Dealers said that “Higher dollar demand from importers for payments, especially for crude oil, caused the rupee to weaken. Since there were not enough dollar supplies due to the lack of foreign exchange inflows, the currency lost ground against the Rupee,”
“After the coronavirus-related lockdown lifted, the oil and general importers shipped goods into the country. So, they require more dollars.” The decline throughout the nation’s international trade reserves, amid debt repayments, will also be together with pressure to the rupee, the vendor added.
The international trade reserves held by the nation fell to $18.912 billion in the middle of the week ended July 24 from $19.047 billion throughout the earlier week.