KARACHI: The Pakistani Rupee has gained 44 paisas against the US greenback in the interbank market on Thursday owing to the higher inflows of the remittances.
According to a banker, “There was no demand of the dollar in the interbank market, but the inflows of the remittances were higher throughout the day.”
The rupee remained strong in interbank market trade owing to the Eid-ul-Fitr remittances.
The dollar opened at Rs 153.04 in the interbank market, but it closed at Rs 152.60, a banker claimed. Throughout this week, the central bank was purchasing dollars from the market to keep the dollar stable against the rupee, he added.
The banker said that higher inflows of the exporters and Roshan Digital Accounts were supporting the local currency, while the banks are expecting higher remittances in the month of May this year owing to the Ramzan and Eid-ul-Fitr.
According to the SBP’s figures, Pakistani banks had received an amount of $1 billion till April 29 through RDA. This amount is gradually improving.
According to the exchange companies, the dollar closed at Rs 152.50 for buying in the interbank market, but the SBP said that it closed at Rs 152.60. The exchange follows the interbank rates.
A dealer said that the Pak rupee would further appreciate in interbank and open currency markets in the coming days on the back of higher inflows of the greenback through RDA.
According to market dealers, the dollar closed at Rs 152.50 for buying and Rs 152.70 for selling in the open currency market.