Pakistani Rupee has yet again shown an upward movement in the interbank market rate today. However, the momentum has slowed down a little.
On November 12, 2020, PKR closed with a gain of 16 paisas against the USD. From PKR 158.49 per USD on November 11, the exchange rate went down to PKR 158.33 on November 12 (today), as per data released by the State Bank of Pakistan (SBP).
At the same time, Pakistan received record remittances of above $2 billion from overseas workers for the fifth consecutive month in October 2020.
According to the SBP, remittances sent by Pakistani expatriates amounted to $2.3 billion during October 2020, increasing by 14.1 percent compared to October 2019.
The local currency is gaining due to a slowdown in importers’ demand for USD, while healthy inflows from remittances and export proceeds also boosted the value of the Rupee. On the other hand, exports are stable and improving.
PKR’s improvement against USD can be said to be the result of the inflow of remittances in USD. The measures implemented by the State Bank of Pakistan (SBP) to encourage overseas investment in the country is another contributing factor.
Improvement in exports, primarily led by the textile sector and partially assisted by the early lifting of lockdown restrictions, has also played its part in strengthening the Rupee against the greenback.
The foreign currency reserves held by the SBP on November 06 were recorded at $12,740.5 million, which is up $558 million as compared with $12,182.6 million.
Pakistan’s currency, which has been a managed-float for most of its history, has seen long periods of stability followed by devaluation.
As part of a $6 billion loan approved last year to avert a default, the nation agreed with the IMF to adjust its currency to a market-based exchange rate that allowed it to move both ways.
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Is Ishaq Dar back?
Shoulda wished the same for your brain or IQ.
Wished what? Are you making any sense? Go back to your cave.
Easy way for Pakistanis to become rich is to buy as much dollars as possible. Ask your relatives and friends to hold off remittances for an year. Probably by mid 2021, dollar will become strong. Sell and let the remittances make us all rich.
Atta, cheeni, Ghee, dhood, sabxiyan aur fruit tu mehnga hi hy faida kia dollars k upar nichey honey ka. Ghareeb tu pis gya hy
Bandar kiya jane adrak ka maza. Aqal hoti to ye sawal na hota
Pakistanis should pull out their assets from 🇦🇪 UAE if they have any degree of imaan left in them and they want to get a toehold in Jannah rather than Jehanam. The Emirates is going to be destroyed by its ‘deal’ with the Israelis and their enormous poisonous capacity for corruption sooner rather than later. That parasitic nation is only kept afloat by European subsidies.The(Hindu) Indians already control the economy for the lazy ,drugged and addled Arabs.
I would love to see dollar reach under 100Rs. When currency start declining it means to the world that “this country is getting weaker” now they have chance to attack or create civil war so they could have an advantage to send solders in the name of helping. (No one attacked in the past years only because we have strong army forces , atomic bomb also we have all kind of army forces and our army is disciplined in their training and behavior, after every few years or even months when we hear news that on one kind of border indian solder attacked our solder and our solder died. Our solders our army is always alert, it was ciritical situation. The other forces checks our defenses from the back of india so whenever we got attack it’s means they check if they still have strong army or not). If once our country have strong front then president could start working on civil issues. You know president has started low cost electricity to all industrial department so they could have a chance to produce good quality product and export. If our export rates gets higher, our currency will gets higher, we will be able to pay them back the remains debts we took, we will be able to safe our country from attacks of other country. If export increased they employment of lower class will also increase. President did everything according to the plan. It is what we call building a foundation for future generations not just making civilization happy for temporarily lowering the price of food and increasing few percentage salary and pensions. Whom which only does thinks/care about to create popularity of their era or presidency like to make temporarily adjustment for civilians to gets their support but they makes the county weaker this way. History has proven this logic. Check through out the history of downfall of ancient kingdoms, even if it is asian , russian or british kingdom. If the situation is same they gets attacked or sold out by their own vary people.
my appeal to pakistani community is “please buy local products if you want to drop dollar below 100”.
Agree with Ahmad sahab
Sorry typo
Agree with Amjad Sahab