Expat remittances in Saudi Arabia rise by 2.3% to $11.61 billion

KARACHI: The United States (US) dollar continued its gains against the Pakistani rupee at the start of day’s trading on Tuesday.

According to foreign currency dealers, the dollar rose Rs0.92 to trade at 165 against the local unit in the interbank market.

The greenback has surged by Rs4.8 against the rupee in four trading sessions. The dollar had ended 164.08 against the rupee in the interbank market the previous day.

Read More: Expat remittances in Saudi Arabia rise by 2.3% to $11.61 billion

Earlier, on June 1, the State Bank of Pakistan (SBP) had issued a report highlighting how coronavirus affected economic activities in the country. It predicted that foreign reserves could also go down in the current situation leading to a decrease in the value of rupee against dollar.

In a series of videos posted on micro-blogging site Twitter, the country’s central bank said that COVID-19 had impacted the global economy, bringing a simultaneous negative impact on the country’s remittances.

“Purchasing power of the people at local level and foreign investments have also witnessed a decline,” it said as the virus also affected business activities at local level. It said that decrease in purchasing power would lead towards affecting country’s GDP.

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“Bankruptcy of the companies will not only affect the banking sector’s income but also increase the unemployed ratio in the country,” it said while predicting that foreign reserves could also go down in the current situation leading to a decrease in the value of rupee against dollar.

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