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July 31, 2020

Rupee extends losses

Business

July 31, 2020

KARACHI: The rupee extended losses on Thursday on increased demand for the greenback for import payments, dealers said.

In the interbank market, the rupee closed at 166.98/dollar, compared with Wednesday’s closing of 166.78.

Dealers said importers and companies continued buying hard currency to make the month-end payments before Eid holidays.

“There was a demand from importers seeking to cover their shortfalls, as the foreign exchange market will remain closed from July 31 to August 3 for Eid-ul-Azha holidays.

In the open market, the rupee lost 10 paisas to end at 167.30 against the dollar.

The State Bank of Pakistan sees a positive outlook for the external sector in FY2021, with the current account likely to remain in a comfortable zone.

“While higher competition among competing exporters, amid recovering global demand in the post-COVID-19 setting, may restrict any quick recovery in exports, and imports are expected to remain subdued due to low domestic demand and soft

international oil prices in the coming months,” the SBP said in the third quarterly report.

“However, multilateral inflows may grow further and make up for some weakness in global capital inflows, as more funds have been pledged by various international institutions to help governments cope with their pandemic-related relief efforts.”