KARACHI: The Pak Rupee strengthened by 29 paisas against dollar on Tuesday owing to improved inflows of export receipts and workers’ remittances.
The rupee ended at Rs164.03 to the dollar from previous day’s closing of Rs164.32 in interbank foreign exchange market.
Currency experts said that the market witnessed sufficient supply of the foreign currency to meet demand for import and corporate payments.
They said that the sentiments were remained positive in the market due to escalating economic activities.
The experts said that the exports registered 18.24 percent growth to $1.873 billion during September 2020 as compared with $1.58 billion in August 2020.
They hoped that present positivity in the market would help the local unit to make gain further against the greenback.
Meanwhile, dealers said that the stability in the domestic currency was also supported by improved foreign exchange reserves and better market confidence after the gradual reopening of businesses across the country.
They added that lower demand for the dollar from importers and increased export-related inflows helped ease pressure on the interbank market. Analysts noted that consistent remittance inflows from overseas Pakistanis continued to play a key role in supporting the external account position. They said that if exports and remittances maintain the current momentum in the coming months, the rupee is likely to remain stable and may post further gains against the US dollar in the near term.
