Rupee gains 6.25% against dollar in 2020/2021

Shahnawaz AkhterWeb Editor

30th Jun, 2021. 05:06 pm
Rupee

KARACHI: The rupee made a gain of 6.25 per cent against the dollar during fiscal year 2020/2021 when compared with preceding year.

The exchange rate ended at Rs157.54 to the dollar on Wednesday to close the fiscal year 2020/2021. The exchange rate was at Rs168.05 on June 30, 2020.

The gain in rupee value may be attributed to higher inflows of workers remittances, growth in export receipts and continued current account surplus during the first eleven months (July-May) 2020/2021.

The Economic Survey of Pakistan 2020/2021 pointed out that on account of increased foreign exchange reserves, supported by remittances, exports and financial support from International Financial Institutions, the Pakistani Rupee started to appreciate.

“The introduction of a market-based exchange rate regime also helped to stabilise the rupee and the exchange rate reached Rs153.5 per dollar by the end of April 2021, effectively appreciating by 9.5 per cent over end-June 2020.”

The rupee on Wednesday gained 20 paisas against the dollar owing to sufficient supply of the foreign currency in the market.

Currency dealers said that the market witnessed inflows of remittances as Pakistanis living abroad were sending money to their loved ones on account of Hajj and Eid ul Adha.

Adsense 300 x 250