Rupee gains 39 paisas on sufficient inflows

KARACHI: The Pak Rupee gained 39 paisas against the dollar on Wednesday owing to significant inflows of export receipts and workers’ remittances.

The rupee ended at Rs163.48 to the dollar from the previous day’s closing of Rs163.87 in the interbank foreign exchange market.

Currency dealers said that the market witnessed sufficient supply of the foreign currency which helped the rupee to appreciate.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September 2020.

They increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August.

On a cumulative basis, remittances rose to a record $ 7.1 billion in the first quarter of 2020/2021, 31.1 higher than the same period last year.

The dealers hoped that considering the inflows and buffer stock of foreign exchange reserves would help the local currency to make gain.

Leave a Reply

You have to agree to the comment policy.