KARACHI: The Pakistani Rupee has gained around 60 paisas against the US greenback in the interbank market in the last 20 days due to the higher inflows of the remittances and $2.5 billion of Eurobond receipt.
In the interbank market, the dollar opened at Rs 152.90 for buying and Rs 153.00 for selling, he added. A Karachi-based banker said that higher inflows of the exporters and Roshan Digital Accounts (RDA) have supported the local currency, while the banks are expecting higher remittances in the month of April and May this year owing to the Ramzan.
He further claimed that thousands of Pakistani people had lost their job in Saudi Arabia and other Arab countries because of coronavirus. These Pakistanis people have also brought their money from the Gulf, which is another major reason for higher inflows, he claimed.
“The central bank wants to keep the exchange rates in between Rs 152.00-153.00. If the dollar goes down further the country’s exporters would start complaining,” claimed the banker.
According to the State Bank of Pakistan (SBP), the Pakistani banks received an amount of $805 million till March 21 through RDA. This amount is gradually improving day by day. “This amount must be exceeding around $900 million in this month, the banker claimed in a reference to the RDAs.
According to the exchange companies, the dollar closed at Rs 152.85 in the interbank market on April 19, while in the kerb market, the dollar closed at Rs 152.90 for buying and Rs 153.20 for selling.
Forex Association of Pakistan President Malik Bostan said that Pakistan was also receiving higher remittances from abroad and this month the country would receive a record amount of dollars in remittances like the previous month.
A currency dealer said that the rupee would further appreciate in the interbank and open currency markets in the coming days because of a likely increase in the supply of greenbacks through RDA.
