KARACHI: The dollar has gained around 33 paisas in a day on Wednesday against the Pakistan rupee in interbank market and closed at Rs 153.22.

The market sources said that the inflows of remittances during Eid have slowed down. This downward trend would continue in the interbank market, they claimed.

The central bank and the government want to keep the greenback in between 152.00 and 153.00 to support the exporters. The central bank is also intervening the market to stable the dollar.

The rupee was appreciated in the interbank as the inflow of dollar was high during the past two months because of Ramzan and Eid. Pakistan has received highest remittances of $2.77 billion in April.

Inflow of workers’ remittances continued to post healthy growth and surpassing all-previous records, reached all-time high level of $24.25 billion in the first 10 months of this fiscal year.

The Pakistani banks are still receiving foreign deposits in overseas Pakistani accounts. These banks had received over $1 billion through Roshan Digital Accounts (RDA) in last six months.

Meanwhile, dollar opened at Rs 152.89 in the interbank market, but continued its upward trend and recovered around 33 paisas at the day’s close.

In another development, the market experts said that the government had doubled the money transfer fee to 20 Saudi Riyals ($5) for international fund transferring firms. The decision would support home remittances through banking channels, the source said.

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

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