Last week, the foreign exchange market was in decline

Both the foreign exchange markets continued to decline last week after fluctuating in the value of the dollar, pound, euro and riyal.

Foreign exchange remittances in the export sector strengthened the rupee due to increased supply of dollars in the markets while the volume of opening of new imported LCs also declined in view of the threat of severe lockdown in the country to prevent the severity of Corona epidemic. ۔

The rupee strengthened on news of a وزیر 500 million deal with the Saudi government during the prime minister’s visit to Saudi Arabia. During the week, the dollar fell below Rs 153 in the interbank and open markets.
In the interbank market, the dollar fell by 18 paise to close at Rs 152.27 after a fluctuating value of the dollar, while in the open currency market, the dollar fell by Rs 1.10 to Rs 152.80.

The interbank rate of the British pound fell by Rs 1.93 to Rs 212.02. In the open market, the British pound depreciated by Rs 1.50 to Rs 213.50. In the interbank market, the euro depreciated by Rs 1.91 to Rs 183.94, while in the open market, the euro depreciated by Rs 3.50 to Rs 183. Similarly, in the interbank market, the value of Saudi Riyal fell by 31 paise to 40 rupees 60 paise, while in the open market, the value of Saudi Riyal fell by 40 paise to 40 rupees 60 paise.