Pakistan Rupee

Rupee makes gain of 62 paisas on ease in dollar demand

Money & Banking

KARACHI: The Pak Rupee strengthened by 62 paisas against dollar on Thursday owing to significant inflows of workers’ remittances and export receipts.

The rupee ended Rs162.86 to the dollar from previous day’s closing of Rs163.48 in interbank foreign exchange market.

Currency experts said that latest exchange rates showed the dollar weakened by five month low.

They said that the since August 2020 the dollar weakened by Rs5.57. The greenback reached to the highest point of Rs168.43 on August 27, 2020.

They said that the fall in dollar value to ease in pressure on debt repayments of Rs575 billion.

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

They increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August, the State Bank of Pakistan (SBP) recently said.

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