Dollar heading towards all-time high against PKR

Dollar heading towards all-time high against PKR

KARACHI: Demand for the US dollar remained high on Friday as it is heading to an all-time high against the Pak Rupee (PKR).

The interbank bank foreign exchange market ended at Rs168.02 to the dollar as compared with the previous day’s closing of Rs167.66.

The dollar made the historic high against the rupee at Rs168.44 on August 26, 2020.

Currency experts said that external payment remained high which resulted in increased dollar demand. They said that dollar demand was also high due to upcoming weekly holidays.

Interesting to note that the remittances data issued by the SBP early in the day also failed to support the rupee.

The SBP said the inflows of workers remittances increased to $5.36 billion during the first two months of the current fiscal year. The workers’ remittances continued their strong trend, reaching $2.66 billion in August 2021.

This is the sixth consecutive month when inflows recorded around $2.7 billion on average, and the fifteen consecutive months they have been above $2 billion.

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