Business News

Pakistan Rupee

Rupee gains 19 paisas against dollar

KARACHI: The Pak Rupee gained 19 paisas to close Rs152.75 against the dollar on Monday owing to lower demand for import payment.

The rupee maintained gaining momentum against the dollar. The rupee was closed last Friday at Rs152.94 to the dollar in the interbank foreign exchange market.

Currency experts said that due to high number of cases reported daily the importers were caution in placing orders to their foreign suppliers.

The rupee also posted an strengthened due to strong growth in inflows of workers’ remittances.

The inflow of workers’ remittances has registered 26 percent growth to $21.47 billion during first nine months (July – March) 2020/2021, State Bank of Pakistan (SBP) said on Monday.

The inflow of remittances was $17 billion during the same period of the last fiscal year.

The SBP said that workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March 2021.

Remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020.

Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 percent over the same period of FY20.