Rupee Posts Gains Against the US Dollar 5th Day in A Row
The Pakistan Rupee (PKR) continued its upward journey against the US Dollar (USD) on the second day of the week. This marks the fifth consecutive day of improvement for the rupee against the greenback.
The rupee appreciated by 12 paisas against the USD in the interbank currency market today, closing at Rs. 153.24 to the USD at the end of the trading day today (Tuesday, 4 May) compared to Rs. 153. 36 to the USD on Monday (3 May).
Market analysts said traders are in the favour of going long on the rupee, mostly due to expectations of higher remittances and Ramazan-related inflows.
Dubai: Remittances from the UAE are seeing a surge as several, particularly South Asian currencies, were losing ground in the past weeks. But will remittance-beneficial currency trend continue?
When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. To understand whether it is or isn’t, one should first find out if your currency back home is expected to rise or fall in the days to come.
According to statistics, South Asians, which – among others – include people from India, Pakistan and the Philippines, and make up nearly 60 per cent of the UAE population. So, it would be financially beneficial to regularly analyse currencies of the above countries, be it – the Rupee or the Peso.
Netsol Maintains Profitability Despite Difficult Third Quarter
Netsol made a profit of Rs. 77 million during the nine months of the current financial year 2020-21 despite challenges.
However, the third quarter for the year brought downturns that led the company to post a loss of Rs. 180 million. This drop in net earnings is being attributed to a loss of Rs. 290 million at the foreign currency exchange.
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The Pakistani Rupee appreciated in the current quarter compared to an exchange gain of Rs. 229 million in the comparable period. The company is exposed to foreign currency risk on trade debts, some payables, and revenues that are entered in a currency other than the Pakistani Rupee.
Dubai: Remittances from the UAE are seeing a surge as several, particularly South Asian currencies, were losing ground in the past weeks. But will remittance-beneficial currency trend continue?
When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. To understand whether it is or isn’t, one should first find out if your currency back home is expected to rise or fall in the days to come.
According to statistics, South Asians, which – among others – include people from India, Pakistan and the Philippines, and make up nearly 60 per cent of the UAE population. So, it would be financially beneficial to regularly analyse currencies of the above countries, be it – the Rupee or the Peso.
Rupee Continues Upward Journey With Blanket Gains Against All Major Currencies
The Pakistan Rupee (PKR) continued its upward journey against the US Dollar (USD) on the opening day of the week, after appreciating for three consecutive days the past week.
PKR appreciated by 9 paisas against the greenback in the interbank currency market today, closing at Rs. 153.36 to the USD at the end of the trading day today (Monday, 3 May) compared to Rs. 153.45 to the USD on Friday (30 April).
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Against other major currencies as well, the Pakistani Rupee saw a positive day in the interbank currency market, with blanket gains against all currencies.