Rupee strengthens by 28 paisas on inflows of exports, remittances

KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

The rupee ended Rs160.01 to the dollar from previous day’s closing of Rs160.29 in the interbank foreign exchange market.

Currency dealers said that the market had witnessed supply of the foreign currency in the shape of export receipts and workers’ remittances.

The dealers said that the market had demand for import and corporate payments but the inflows were sufficient to meet the demand.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

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