A dollar can now be bought for Rs156.60 in the open market as the greenback rate dropped to a one-year low on Tuesday. The last time it traded below Rs157 was on March 10, 2020. “The State Bank took several initiatives such as Roshan Digital Accounts last year during the pandemic,” said Zafar Paracha, the secretary of the Exchange Companies Association of Pakistan. “The dropping rate shows those initiatives have been bearing fruits.” Inward remittances, the foreign exchange overseas Pakistanis send to the country, have been strong, he said. These remittances stood at $18.7 billion in the first eight months of FY2021 (July to February), which was 24% higher than the sam.
Rupee hits one-year high
A bidder said that the evaluation report of the licensing committee that was uploaded on the PPRA website concealed the financial cost of each bidder. PHOTO: FILE
KARACHI:
The Pakistani currency hit a one-year high of Rs157.84 against the US dollar in the inter-bank market on Tuesday as the inflow of foreign currencies remained high compared to their outflow, according to currency market experts.
Besides, gold lost shine as it settled at a one-year low of Rs107,200 per tola (11.66 grams) in line with the downward trend in the global market. With a gain of Rs0.19 on Tuesday, the rupee was close to the March 2020 level of Rs157.44.
US dollar sold at Rs157 90 on March 3 geo.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from geo.tv Daily Mail and Mail on Sunday newspapers.
The dollar can now be bought for Rs157.95 in the open market as the greenback rate has dropped to a one-year low. The last time dollar was traded below Rs158 was on March 10 last year. “The State Bank took several initiatives such as Roshan Digital Accounts last year during the pandemic,” said Zafar Paracha, the secretary of the Exchange Companies Association of Pakistan. “The dropping rate shows those initiatives have been bearing fruits.” He added that the inward remittances, the foreign exchange overseas Pakistanis send back to the country, have been strong. The remittances in the first seven months of the fiscal year 2021 (July to January) stood at $16.5 bill.