Rupee appreciates by 38 paisas on export receipts, remittances inflows

Rupee appreciates by 38 paisas on export receipts, remittances inflows

KARACHI: The Pak Rupee appreciated by 38 paisas against dollar on Friday owing to inflows of export receipts and workers remittances.

The rupee ended Rs165.83 to the dollar from previous day’s closing of Rs166.21 in interbank foreign exchange market.

Currency experts said that the market had witnessed supply of inflows in shape of export receipts and workers remittances.

They said that dollar demand for import and corporate was remained higher but the inflows offset any adverse impact on the local currency.

They said that the higher level of foreign exchange reserves also helped confidence building of market participants.

The liquid foreign exchange reserves of the country were remained flat at $19.959 billion by week ended on September 11, 2020.

The foreign exchange reserves of the country were at $19.961 billion by week ended September 04, 2020.

The official foreign exchange reserves of the SBP increased by $12 million to $12.82 billion by week ended September 11, 2020 as compared with $12.808 billion by week ended September 04, 2020.

The foreign exchange reserves held by commercial banks fell by $14 million to $7.139 billion by week ended September 11, 2020 as compared with $7.153 billion by week ended September 04, 2020.

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