KARACHI: The Pak Rupee gained 10 paisas against dollar on Thursday owing to inflows of export receipts and measures to facilitate home remittances.
The rupee ended Rs166.88 to the dollar from previous day’s closing of Rs166.98 in interbank foreign exchange market.
Currency dealers said that the rupee appreciated on inflows of export receipts during the day.
Further, incentive scheme of State Bank of Pakistan (SBP) for promotion of home remittances also improved market sentiments.
A day earlier, the SBP expanded incentive scheme for exchange companies for promoting home remittances through formal channels.
The SBP previously on December 06, 2019 introduced the incentive scheme on which exchange companies were allowed market expenses reimbursement of Re. 1 per each incremental US dollar mobilized over 15 percent growth.
The SBP in this regard decided that with immediate effect the existing incentive scheme for marketing of home remittances i.e. Re 1 against US Dollar 01 of remittance amount beyond 15 percent growth over last year may now be based on tiered growth i.e. Rs. 0.50 on 5 percent growth, Rs. 0.75 on 10 percent growth and Rs. 1.00 on 15 percent growth.
Through another circular issued to authorized dealers in foreign exchange and microfinance banks, the SBP said that it has been decided with immediate effect that the prevailing rate of TT charges may be enhanced from SAR 10/- to SAR 20/- for transactions between USD 100-200.
The SBP further said that the existing Incentive scheme for marketing of home remittances i.e. PKR 01 against USD 01 of remittance amount beyond 15 percent growth over last year may now be based on tiered growth i.e. Rs. 0.50 on 5 percent growth, Rs. 0.75 on 10 percent growth and Rs. 1.00 on 15 percent growth.