Pakistani rupee continued its upward trend for the tenth straight session. The USD-PKR parity gained 29 paisas in the interbank market today.
The inflows of workers’ remittances and export receipts offset the demand for import payment boosted the local currency.
Yaqoob Abubakar from Tresmark, an application that tracks financial markets said The rupee (PKR) appreciated by 29 paisas against US Dollar (USD) in today’s interbank session as it was closed at Rs. 160.62 per USD, against the last session’s closing of Rs. 160.91 per USD.
A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities told ProPakistani,
With USD weakening globally coupled with manageable trade data, we are pretty comfortable. However, further appreciation would damage exporters. Keep it stable.
The improvement in the real effective exchange rate (REER) also helped the rupee gain against the greenback.
The Pakistani Rupee is strong, competitive & market-driven. Expectations of an increase in exports is also contributing to the rise in the rupee’s value. More exports will drive currency stability.
Pakistan has received significant inflows in the form of remittances in the last couple of months. 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.