Rupee advances by 16 paisas; dollar retreats to Rs158.33

Rupee advances by 16 paisas; dollar retreats to Rs158.33

KARACHI: The Pak Rupee made another gain of Rs16 paisas against dollar on Thursday owing to healthy inflows of workers’ remittances during the current fiscal year.

The rupee ended Rs158.33 to the dollar from previous day’s closing of Rs158.49 in interbank foreign exchange market.

Currency dealers said that the inflows of workers’ remittances during the current fiscal year helped the rupee to make gain.

Further, the importers are cautious in purchasing dollars due to the second phase of coronavirus.

The inflow of workers’ remittances has sharply increased by 26.5 percent to $9.43 billion during first four months (July – October) of current fiscal year 2020/2021. The central bank received $7.45 billion in the same months of the last fiscal year.

The SBP said that remittances remained above $2 billion for the fifth consecutive month in October 2020.

Workers’ remittances amounted to $ 2.3 billion during October 2020, increasing by 14.1 percent compared to October 2019.

A large part of y/y increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).

Improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows contributed to the growth in remittances and limited cross-border travelling, the SBP said.

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