Rupee gains 14 paisas against dollar

Web DeskWeb Editor

10th Aug, 2021. 04:26 pm

KARACHI: The rupee gained 14 paisas against the dollar on Tuesday due to higher inflows of workers’ remittances, dealers said.

The exchange rate ended at Rs163.76 against the greenback, compared with Rs163.90 in the interbank foreign exchange market.

The currency dealers said the rupee was appreciated on the reports of significant inflows of workers’ remittances in July 2021. The overseas Pakistanis have sent an amount of $2.71 billion.

Pakistan has received workers’ remittances worth $2.71 billion in July 2021. According to the State Bank of Pakistan (SBP), with the inflows of $2.71 billion in July 2021, workers’ remittances continued their strong trend, remaining above $2 billion for the 14th consecutive month.

The dealers said the rupee might gain in the coming days, owing to the expected inflows of $2.8 billion from the International Monetary Fund (IMF) by the end of the month.

However, they said ballooning trade deficit remained a threat for the rupee stability.

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