Rupee makes 3 paisas gain amid significant inflows of remittances

KARACHI: The Pak Rupee made a nominal gain of three paisas against dollar on Monday amid significant rise in home remittances as reported by the State Bank of Pakistan (SBP).

The rupee ended Rs163.81 to the dollar from last Friday’s closing of Rs163.84 in interbank foreign exchange market.

Currency dealers said that market players were remained optimistic about the ease in pressure on the local unit. However, the market witnessed demand from importers and corporate buyers as marked was opened after two days weekly holidays.

The dealers said that the home remittances posted a growth of over 32 percent in the month of September 2020 on Year on Year basis (YoY). Besides, the foreign currency account rules issued by the ministry of finance on Friday evening also sent positive message to the market.

The currency dealers hoped that the rupee would make gain during coming days owing to measures taken by the government and substantial inflows in the shape of remittances and export receipts.

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