Stands at 283.21\/$ as remittances via exchange firms rise 15%<\/p>\n
Karachi: Pakistani currency maintained its uptrend for the fifth successive working day on Monday, reaching over six-week high at slightly above Rs283 against the US dollar in the inter-bank market as supply of the foreign currency increased.<\/p>\n
According to State Bank of Pakistan\u2019s (SBP) data, the rupee ticked up 0.02%, or Rs0.05, and closed at Rs283.21 against the greenback. The currency has cumulatively gained a net 0.85%, or Rs2.43, in the past around three weeks.<\/p>\n
Exchange Companies Association of Pakistan (ECAP) reported that the rupee remained unchanged at Rs284.50\/$ in the open market for the fourth consecutive working day.<\/p>\n
Market talk suggests that a current account surplus of $9 million in November 2023, which came after a hiatus of four months, kept sentiment positive in the inter-bank market, helping the rupee to extend gains for another day.<\/p>\n
In addition, the rupee was supported by the signing of memoranda of understanding with China for $10 billion in investments in Pakistan and an increase in the foreign exchange reserves held by the central bank.<\/p>\n
In an interview with APP, ECAP General Secretary Zafar Paracha stated that after a recent crackdown on hoarders and smugglers, worker remittances to Pakistan via currency exchange companies had increased by 10% to 15%.<\/p>\n
He claimed that Pakistan’s reserves were strengthened by the government’s crackdown, which was quite successful.<\/p>\n