U.S dollar has strengthened in the interbank market reaching Rs168.2 against the Pakistani Rupee on the fourth day of the business week.
According to the details, this is the highest rise in dollar prices against Rupee within two weeks.
Back on 30th July, the State Bank said that the dollar reserves stand at $11.9 billion. And those held by the commercial 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 in the country’s forex reserves, amid debt repayments, is also adding pressure to the rupee, the dealer added.
The forex reserves held by the country fell to $18.912 billion during the week ended July 24 from $19.047 billion in the previous week.