KARACHI: The United States dollar has dropped Rs1.15 in the interbank market and settled at Rs159.
According to Forex dealers, on the first day of the business week today, the dollar fell by Rs1.17 in the interbank market and the dollar fell from Rs160.17 to Rs159 in the interbank market.
The global epidemic Coronavirus has affected global trade and remittances have continued to decline as a result of the sharp decline. Last month, the dollar fell by Rs6.53 in the interbank market, making other currencies cheaper than the rupee.
In the last week of April, the dollar fell by Rs1.17 in the interbank market, from Rs 160.17 to Rs 159 owing to a massive decline in international oil prices.
The demand for the dollar in the segment has been hit badly due to the lower import volumes. On the other hand, inflows from the International Monetary Fund worth $1.386 billion from last week have increased supply of the Greenup.
In this regard, Pakistani economists asserted that the positive sentiments prevailed in the market due to the significant decline in international oil prices which would also help reduction in Pakistan’s oil import bill.
Read more: Rupee strengthens by Rs 2.36 against dollar amid oil crash
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