Rupee may come under pressure on foreign payments
KARACHI: The rupee is likely to remain under pressure against the US dollar next week on expected demand for import and corporate payments.
Currency experts said the demand for the foreign currency would increase during the remaining days of the current month due to the closing of the fiscal year. They said by the end of June every year, multinational companies and foreign companies operating in Pakistan repatriate their quarterly and annual profit and dividends.
Further, by the end of the quarter, importers also purchase dollars from interbank foreign exchange market to make payment against import of oil and other commodities.
Pakistan’s total import bill increased 22.5 per cent to $50.04 billion during July-May 2020/2, compared with $40.85 billion in the corresponding months of the last fiscal year.
The experts; however, said strong inflows of export receipts and workers remittances may help the local unit maintain levels. The exports of the country increased 14 per cent to $22.57 billion during the first 11 months of the current fiscal year, compared with $19.79 billion in the corresponding period of the last fiscal year.
Similarly, the inflows of workers’ remittances registered a strong growth of 29 per cent to $26.74 billion during the period July-May 2020/21 as against $20.66 billion in the same period of the last fiscal year. During the outgoing week (June 14 to June 18), the rupee fell 70 paisas against the greenback in the interbank foreign exchange market. The fall may be attributed to an escalation in the demand for the dollars after the announcement of the Federal Budget 2021/22.
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