SBP forex stable at $20b the

KARACHI: The Pakistani rupee (PKR) gained 18 paisas against the US dollar in the interbank market on Wednesday, closing at Rs153.18 for buying.

The main reason behind this downward trend is the higher dollar inflows and low demand from the importers, a bank official said. The dollars are coming through Roshan Digital Accounts (RDA) as the State Bank of Pakistan (SBP) is also giving more incentives to overseas Pakistan on opening their accounts with Pakistani banks.

On March 1, 2021, the US greenback was trading at Rs 158.00 for buying and Rs 158.20 for selling in the Pakistani Interbank market. The local currency had gained Rs5.82 since then.

In the last two days, the Pakistani rupee gained around 42 paisas in the interbank and closed today at Rs153.18 for buying and Rs153.28 for selling.

According to market sources, the dollar opened at Rs 153.36 in the interbank market but continued its downward trend, and the PKR recovered around 18 paisas. According to the SBP, RDA had received $805 million by March 18.

Market analysts claimed that the dollar may touch Rs150 by the end of this year if the remittances and deposits increased in a similar manner.

In the open currency market, the dollar closed at Rs153.00 for buying and Rs153.10.

A dealer said that there was no demand of the US greenback in the market and the rates of the interbank market are being used. He said that the monthly remittances of the country have also increased in this month, but did not specify figure as the SBP announces those.


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