“Low export earnings kept the rupee under pressure,” Exchange Companies Association of Pakistan (ECAP) former secretary general Zafar Paracha told The Express Tribune. Besides, the receipt of export payments remained suspended during Eid holidays from May 22-27, he said. The prevailing foreign currency reserves of the State Bank of Pakistan (SBP) at $12.07 billion would also help the rupee partially recover the loss. Gold upThe depreciation of the rupee, however, pushed gold prices up to a five-week high at Rs97,200 per tola (11.66 grams). The surge in gold mostly came in the past two days when the rupee experienced a downward trend.

Source: The Express Tribune May 30, 2020 03:11 UTC