October 14, 2020) The Pakistani rupee began to strengthen with each passing day, the dollar fell to a five-month low, the US currency in the interbank market reached the level of 163.20, while in the open currency market the price reached 163.30. According to the details, the Pakistani rupee appreciated against other foreign currencies, including the US dollar, in the local currency markets on Wednesday, pushing the dollar to Rs 163.20 in the interbank market and Rs 163.30 in the open market.
According to the Forex Association of Pakistan, the dollar depreciated by 55 paise in the interbank market on Wednesday, taking the buying price of the dollar from Rs 163.75 to Rs 163.20 and the selling price from Rs 163.95 to Rs 163.30.
On the other hand, in the local open currency market, the dollar depreciated by 50 paise to Rs 163.30 from Rs 163.80 and Rs 163.60 from Rs 164.10.
Prices of other currencies also declined sharply. The buying price of Euro fell by Rs 1 from Rs 191.50 to Rs 190.50 and the selling price fell by Rs 1.50 from Rs 193.50 to Rs 192. The buying price of the British pound fell by Rs 1.50 from Rs 212 to Rs 210.50 and the selling price fell from Rs 214 to Rs 212.50. It was informed that due to more remittances received than expected, the value of Pakistani rupee in the currency market has increased while the value of US dollar has been declining.
The government recently introduced Roshan Pakistan Digital Account for Pakistanis abroad. Remittances from Pakistanis abroad are now being sent to Pakistan through banking channels, which has not only increased remittances, but also reduced the value of the dollar. It should be noted that in the first quarter of the current financial year, Pakistan has received a record remittance of more than 7 7 billion.
