Inter bank market witnesses increase in Dollar

Inter bank Market on Tuesday witnessed an  increases in Dollar against Rupee with 3 paisas and traded at 154.88 paisas.

The rupee ended almost firmer against the dollar in the interbank market on Monday.

The local currency closed at 154.85 against the greenback, compared with the Friday closing of 154.83.

Remittances from Pakistani workers abroad increased 3.31 percent to $11.394 billion

However This increase is within the six months of the current fiscal year of 2019/20.

In December, remittance flows stood at $2.097 billion, which 15.25 percent higher from previous month.

State Bank of Pakistan Governor Dr Raza Baqir, also issued a statement  last week.

He said exchange rate flexibility and the shift to a market-based exchange rate system in May 2019 had significantly reduced the current account deficit

It led to a notable improvement in foreign exchange reserves and net borrowing.

Preserving the policies of a market-based exchange rate system and zero lending of the State Bank to the government would help preserve reserves

Therefore, strengthen the country’s financial sovereignty, he added.

Earlier, The Asian Development Bank (ADB) also said Pakistan is moving towards economic stability.

It said the economy will perform better during the ongoing fiscal year 2019-20.

The ADB said  inflation in Pakistan for the first three months of fiscal year averaged 10.1 %.

The bank also highlighted that after a “steep growth slowdown” in Pakistan the previous fiscal year, “signs of economic stabilization” seen in fiscal year 2020.

The bank, in the report, lowered its projection of growth in South Asia to 5.1 per cent in 2019 and 6.1 per cent in 2020.