Rupee Continues to Strengthen Against US Dollar

Pakistani rupee continued its appreciation for the eighth straight session in the interbank market, amid increased dollar inflows.

The continuous weakening of the US Dollar in international markets is also pulling the Rupee back to fair values.

The rupee (PKR) appreciated by 32 paisas against US Dollar (USD) in today’s interbank session as it was closed at Rs. 161.05 per USD, against the last session’s closing of Rs. 161.37 per USD.

The consistent inflows of foreign exchange in the country due to overseas’ remittances, investments through Roshan digital accounts, and export receipt maintained a favorable balance of supply and demand of the greenback in the local market are causing Rupee-USD parity to gain stability.

The measures taken by the State Bank of Pakistan (SBP) to encourage overseas Pakistanis to send money home through legal channels have started to show results as more dollars have been flowing through banking channels and hard cash movement of foreign currency through illegal channels of hawala and hundi has been cut down.

Expectations of an increase in exports along with lower demand for the dollar on the importers side helped the rupee to gain against the greenback,