KARACHI: The US dollar has gained around 57 paisas in one day against the Pakistani rupee in the interbank market.
The US dollar closed at Rs 154.37 in the interbank today. In the last seven days, the dollar had surged by Rs1.52 in the interbank market. According to market sources, the dollar opened at Rs153.70 today, but continued its upward trend against the local currency and recovered around 57 paisas before closing time.
The sources in the interbank market said there was pressure on the rupee in the interbank market as the imports have gone up in the past 45 days. The inflow of the remittances is also normal compared to the previous week, he added. This downward trend of the rupee would continue in the market, the sources claimed.
Some other sources in the market claimed that the central bank is buying dollars from the interbank market to keep the reserves strong before the budget 2020-21 by the end of June. The central bank and the government want to keep US currency between 152.00-154.00 to support the exporters.
READ MORE: Workers remittances hit record high of 2.8bn in April
The market experts said the government has imported sugar, wheat and others food items worth $7 billion in the last few months to support the local prices.
Earlier, the rupee appreciated in the interbank as the inflows of the US dollar remained high while the demand remained low in the past two months. Pakistan’s remittances touched recorded $2.77 billion in April as well.
The remittances continued to post healthy growth and surpassing all previous records, reached an all-time high level of $24.25 billion in the first 10 months of this fiscal year.
The Pakistani banks are still receiving foreign deposits in overseas Pakistani accounts. These banks had received over $1 billion through Roshan Digital Accounts (RDA) in the past six months.
In the open currency market, the dollar is being traded at Rs 154.30 for buying and Rs 154.40 for selling.
