Karachi, September 20, 2019 – The Pakistani rupee appreciated by 16 paisas against the US dollar on Friday, buoyed by improved inflows of export proceeds and workers’ remittances, according to traders and market analysts.
In the interbank foreign exchange market, the rupee closed at Rs156.08 against the dollar, compared to the previous closing rate of Rs156.24. This marginal yet notable improvement reflects the impact of consistent foreign exchange inflows into the economy.
Currency experts noted that better-than-expected inflows from overseas Pakistanis and higher export receipts played a significant role in bolstering the rupee. “The rupee gained strength mainly due to increased inflows into the banking system. Exporters have brought in their receipts while remittance flows remained steady throughout the week,” said a senior forex dealer.
During the day’s trading session, the rupee fluctuated within a narrow range. The interbank market opened between Rs156.18 and Rs156.25 and saw a high of Rs156.23 and a low of Rs156.05, before settling at Rs156.08. The trading pattern indicates relative stability supported by ongoing inflows into the financial system.
In the open market, however, the rupee held firm with no change in its value. The buying and selling rates for the dollar remained unchanged at Rs155.80 and Rs156.30, respectively—identical to the rates recorded a day earlier.
Market participants suggest that if the current trend of inflows continues, the rupee could maintain its upward momentum in the coming days. They also believe that central bank measures to attract foreign currency inflows have started to bear fruit, strengthening market sentiment around the rupee.
Overall, the positive outlook for the rupee is tied closely to sustained inflows from key sources like exports and remittances. As Pakistan continues to receive these inflows, especially during the fiscal year’s early phase, the rupee may see further gains or at least hold steady against external pressures.