The Pakistani Rupee further appreciated against the US dollar on Tuesday, after closing at Rs153.09 in the interbank market. The main reason behind this is the higher inflows through the Roshan Digital Accounts (RDA) and other government’s schemes.
The Rupee has gained Rs 1.91 in the last two days. Yesterday it closed at Rs 154.00 for buying and Rs 154.10 for selling in the interbank market.
An official in the interbank market said, “There were higher inflows of the dollar in the interbank market in last two days, which helped the rupee to gain ground against the greenback.”
Pakistan is receiving dollar inflows through the Digital Roshan Accounts (DRA), the official said, adding that the policies of the government and State Bank of Pakistan (SBP) have started supporting the local currency. However, he did not say if the rupee will continue to gain ground over the next few days.
The dollar is being traded lowest level of June 13, 2019. The dollar rate fell by Rs 5 or 2.7% during March from Rs158.10.
The sources in the interbank market said, “There were higher inflows of the dollar in the interbank market in last two days, which helped the rupee to gain against the greenback.” The US greenback is free to float currency in Pakistan’s interbank market after International Monetary Fund (IMF) deal with the State Bank of Pakistan,” he added.
Pakistan is receiving dollar inflows through the Roshan Digital Accounts, the official said. The policies of the government and SBP have started supporting the local currency, he added.
The official said that if this trend of dollar inflows continued through DRA, the dollar would further depreciate in the future.
Yesterday, Malik Bostan, the president of the Pakistan Forex Association (PFA), said that the dollar may depreciate to Rs 150-152 in the coming days. He claimed that so far above 100,000 accounts had been opened through DRA and now the people have been given all kinds of surety on their deposits.
He had claimed that next month the inflows of the dollar will increase as the remittances always enhanced during Ramzan which will also support the local currency.