Rupee eases 15 paisas against dollar

KARACHI: The rupee lost 15 paisas against the dollar on Tuesday, amid supply of dollars in the market, dealers said.

The exchange rate closed at Rs159.51 to the dollar from the previous day’s closing of Rs159.36 in the interbank foreign exchange market.

The currency dealers said the rupee remained under pressure against the dollar due to the higher demand for import payments. The market had witnessed supply of the greenback during the day but was not sufficient to meet the demand, they added.

The market was optimistic earlier in the day and the local currency had made gains due to the report of record inflows of workers remittances, the dealers said.

Earlier in the day, the State Bank of Pakistan (SBP) announced the details of remittances.

The remittances rose to a historic annual high of $29.4 billion in the fiscal year 2020/21. The remittances registered a substantial 27 per cent growth in the fiscal year 2020/21 over the preceding fiscal year.

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