KARACHI: Pakistani Rupee continued to gain value against US Dollar in the interbank market, adding another 19 paisas on Thursday.
The currency reached its day’s high of Rs158.47 against the greenback and slipped to Rs158.20 in interbank trading. The currency opened at Rs. 158.30 against the dollar and closed at the rate.
According to the State Bank of Pakistan, the US dollar closed at 158.49 on Wednesday 11th November and at Rs158.68 on Tuesday 10th November.
The rupee has appreciated due to the uptick in remittance inflows which remained $2 billion per month since the beginning since the past five months of the current fiscal year. Remittances for the month of October were $2.3 and 14.1 percent higher than the corresponding period last month.
READ MORE: Remittances remain above $2 billion for five consecutive months
The deferment of $1.8 billion loan repayment to G20 till December 2020 with a further relaxation anticipated till June 2021 and expected improvement in inflows with the launch of Roshan Digital Account have also helped stabilize the exchange rate.
Due to the recent appreciation, the Pakistani rupee has become Asia’s third best performing currency since hitting an all-time low of Rs168.43 on August 26.
Data from Bloomberg showed the rupee was behind the Indonesian Rupee and South Korean Won.The Pakistani currency has appreciated by 3.1 percent since October 1, thereby securing the third best-performing currency position in Asia.
The Indonesian Rupiah improved by 4.51 percent was placed first and South Korean Won at second place appreciated 3.6 percent during the month.
