Rupee Posts Gains Against the US Dollar 5th Day in A Row

Pakistani Rupee continued its appreciation against the US dollar for the fifth day in a row.

The Rupee closed at Rs. 152.74 to the USD today (April 12), up from Rs. 152.94 to the USD in the interbank market on Friday (April 9), with an appreciation of 19 paisas.

At the same time, Pakistan received record remittances of above $2 billion from overseas workers for the tenth consecutive month in March 2021.

According to the SBP, remittances sent by Pakistani expatriates amounted to $2.7 billion during March 2021, increasing by 43 percent compared to March 2020.

Dealers said healthy inflows helped the Pakistani Rupee to regain ground during the session.

According to the dealers, the Rupee is strengthening due to improved external position and lower demand for import payments. The rupee is also likely to be supported by inflows because of Ramazan and Eid-ul-Fitr.

Against other major currencies, PKR posted gains in the interbank currency market today except against the Pound Sterling (GBP) and the Canadian Dollar (CAD).

PKR posted a loss of 29 paisas against the GBP and 22 paisas against the CAD.

Otherwise, PKR posted a gain of 23 paisas against the Euro, 7 paisas against the Australian Dollar (AUD), and 5 paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) today.

Source: Pro Pakistani