The rupee continued to regain stability for the third straight day against the US dollar, with the exchange rate closing at Rs. 164.51 in the interbank market today.
The local currency appreciated by 49 paisas today as compared with yesterday’s closing of Rs. 165 against the US Dollar.
According to Capital Stake, the exchange rate has fallen to its lowest since mid-June.
A fantastic week for USD-PKR as PKR appreciated by Rs. 1.28/- on Week on Week basis whereas it has gained by 49 paisas today from the previous day close of 165.00. The recovery in the rupee is observed by inflows in the FX market. Sources of inflows are Remittances, an enthusiastic response in Roshan Digital Account and Naya Pakistan Certificates, approval of $300m from ADB, and export receipts. We foresee that Rupee will maintain the same level in the coming week and maybe traded in between 164 – 165,” said Yaqoob Abubakar from Tresmark, an application that tracks financial markets.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities while commenting on the Rupee said,
The Current account is well under control. Dollar has fallen globally. With low oil prices and REER at 93, currency is fairly stable.
Roshan Digital Accounts Brings $1.5 billion of inflows
Malik Bostan, President Exchange Companies of Pakistan, told ProPakistani that the dollar inflows from overseas Pakistanis have been healthy since the launch of the new fund transfer service of Roshan Digital Accounts. He said that in the past 12 days there have been nearly $1.5 billion inflows to Pakistan from various countries.
The current account has been surplus in the past two months which maintained its support to foreign exchange reserves on a sustainable basis. The demand of the Dollar has considerably low in the recent few days whereas the inflows of the greenback are consistently healthy in the past two weeks, he added.
Further, he said that the exports are stable and improving, on the other hand, the import of commodities see a temporary drop from China wherein the weeklong vacation has begun on the account of national days.