Pakistan amounts highest $8bn remittances in July-Sept

The upward journey of Pakistan rupee against US dollar continued on Wednesday as it gained 42 paisa in inter-bank trade to 181.60.

The dollar shed Rs6.48 during the last four sessions as Pakistan currency strengthened after the change in regime.

On Tuesday, rupee showed strength against the US dollar for the third session in a row and recovered to 182.02.

The State Bank of Pakistan said in a statement that the rupee opened at 182.93 against the US dollar in the interbank market and closed at 182.02 after gaining 91 paisa (+0.50 percent).

The local currency devalued by Rs24.59 during the current fiscal year 2021-22 and Rs5.57 during the current year 2022.

The currency analysts said that with the formation of the new government, the current political crisis has come to an end and the rupee may recover further in the coming days.

They said the local unit has appreciated against the greenback after much clarity on the domestic political landscape.

The central bank’s bold move to raise the policy rate by 250bps a day earlier provided support to rupee and it made a decent recovery against the US dollar.

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