At the start of the day’s trading on Tuesday, the United States dollar continued to gain strength against the Pak rupee. The dollar surged by Rs0.92 to trade at 165 against the Pak rupee in the interbank market, as per the foreign currency dealers.
In four trading sessions, the greenback surged by Rs4.8 against the Pak rupee. In the interbank market, the dollar reached Rs.164.08 against the rupee the previous day.
A report was issued by the State Bank of Pakistan (SBP) on June 1st highlighting how economic activities in Pakistan will be affected due to coronavirus. The prediction was that the foreign reserves might go down considering the current ongoing situation. It can lead to a decrease in rupee value against the dollar.
State Bank said that coronavirus has impacted the global economy in a series of videos posted on Twitter. Adding, that COVID-19 has brought about a simultaneous negative impact on the remittances of Pakistan.
“Purchasing power of the people at local level and foreign investments have also witnessed a decline.”
Adding, “Bankruptcy of the companies will not only affect the banking sector’s income but also increase the unemployed ratio in the country.”