Rupee gains

The rupee made gains against dollar on Tuesday owing to improved inflows of home remittances and export receipts, dealers said.

The rupee gained 39 paisas to end at Rs160.06 against the greenback from last day’s closing of Rs160.45 in the interbank foreign exchange market.

Dealers said the inflows of home remittances were improved due to the upcoming Eid festival. A dealer said Eid ul Azha will fall in the second week of August, and normally expatriate Pakistanis send money to their relatives for Eid-related expenses.

Besides, the exports receipts also improved in the month of July 2019, which had been on a decline last month due to changes brought through budget 2019/20.

The exports fell by 18.32 percent to $1.7 billion in June 2019 as compared with $2.1 billion in May 2019, according to statistics released by the Pakistan Bureau of Statistics (PBS).

Currency experts said the scheduled repayment of foreign debt would put pressure on rupee value in the coming days.

The interbank foreign exchange market was initiated at Rs160.45 and Rs160.95. The market recorded day high of Rs160.59 and low of Rs160.00 against the dollar.

The open market also witnessed increase in rupee value.

The cash ready market recorded buying and selling of dollar at Rs159.00/Rs160.00 from previous day’s closing of Rs160.00/Rs160.50.