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US dollar slips to Rs160.91 against PKR due to improved inflows of workers’ remittances

KARACHI: The Pak Rupee made another 14 paisas gain against dollar on Tuesday owing to improved inflows of workers’ remittances and export receipts.

The rupee ended Rs160.91 to the dollar from previous day’s close of Rs161.05 in the interbank foreign exchange market.

Currency experts said that foreign exchange market remained positive due to higher foreign exchange reserves of the country and frequent inflows of workers’ remittances and export receipts.

They said that during the day the market witnessed demand for dollar however sufficient supply of the greenback helped the rupee to make gain.

The liquid foreign exchange reserves of the country increased by $287 million to $19.302 billion by week ended October 16, 2020. The foreign exchange reserves of the country were at $19.015 billion by week ended October 09, 2020.

The official reserves of the central bank also increased by $269 million to $12.067 billion by week ended October 16, 2020 as compared with $11.798 billion a week ago. The SBP attributed the increase in official reserves to the government inflows.

The inflow of workers’ remittances has registered sharp increase of 31.2 percent after making fourth consecutive month of over $2 billion received in September 2020.

The State Bank of Pakistan (SBP) on Monday said that the remittances increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August 2020.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September, the central bank said.

On a cumulative basis, remittances rose to a record $ 7.1 billion in first quarter of current fiscal year, 31.1 higher than the same period last year.

The level of remittances in September was slightly higher than SBP’s projections of $2 billion.

2020-10-27
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