KARACHI: The Pakistani Rupee has gained 28 paisas against the US greenback in the interbank market trade during April 2021 despite higher inflows of the remittances and receiving around $1 billion through Roshan Digital Accounts.

“The State Bank of Pakistan (SBP) is trying to maintain the Dollar-Rupee parity in the interbank market to support the local exporters,” said a banker. The central bank is intervening in the interbank market to uphold the rates.

On April 3, 2021, the dollar was being traded at Rs 153.53 but today (May 3) it opened at Rs 152.25. A banker said that higher inflows of the exporters and Roshan Digital Accounts were supporting the local currency, while the banks received higher remittances in the month of April owing to the Ramzan.

According to the SBP’s figures, Pakistani banks registered in RDA had received an amount of $1 billion till April 29 through RDA. This amount is gradually improving with every day.

However, the central bank has also launched a new Roshan car scheme for overseas Pakistanis. Through this scheme, expatriates can buy cars at discounted rates. The banker said that the central bank has kept the target of $1 billion for the Roshan car scheme.

Kerb Rates: According to the Exchange Companies, the dollar closed at Rs 153.36 in the open currency market today (May 3). The Exchange Companies follow the interbank exchange rates. On April 3, the dollar was being traded at Rs 153.50 in open currency market.

A dealer said that the Pakistan rupee would further appreciate in interbank and open currency markets in the coming days as we are looking for higher inflows of the greenback through remittances before the Eidul Fitr.

From April 1 to till today, the Pak rupee had gained 20 paisas against the US dollar in Pakistan. However, it gained around Rs 5.86 paisas in March 2021.

According to market dealers, the dollar opened at Rs 153.30 for buying and Rs 153.50 for selling in open currency market.

The author is a senior business reporter with bylines in leading newspapers and magazines across Pakistan.

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