KARACHI: The Pak Rupee gained 45 paisas against the dollar on Friday owing to substantial inflows of export receipts and workers’ remittances.
The rupee ended Rs161.37 to the dollar from previous day’s closing of Rs161.82 in interbank foreign exchange market.
Currency experts said that the inflows under export receipts and workers’ remittances helped the rupee to make gain.
The frequent decline in dollar value brings the foreign currency to five-month low. Last time the dollar was seen at Rs161.98 on May 28, 2020.
The local unit gained Rs7.06 since its record low of Rs168.43.
The experts said that the ease in dollar value to help in reducing pressure on debt burden by almost Rs760 billion.
Meanwhile, market participants believe the strengthening trend of the rupee could continue in the near term if the current level of inflows is maintained. Improved liquidity in the interbank market and relatively subdued import demand have also contributed to easing pressure on the local currency.
Analysts noted that a stable exchange rate would help contain imported inflation and provide some relief to consumers amid rising prices of essential commodities. They added that sustained stability in the rupee would be crucial for improving business confidence and supporting overall economic recovery, particularly at a time when the country is managing fiscal challenges and external financing requirements.