Forex companies sold about $150 million to banks in the first 13 working days of November, expecting to sell another $150 million in the remaining days of the month due to an increase in inflows on the open market.
Forex Companies Sold $150 Million To Banks
“We have sold about $150m to banks during the 13 working days of the current month against $350m sold in October,” said Malik Bostan, the chairman of the Exchange Companies Association of Pakistan.
Remittances to the country totaled $2.5 billion in October, the most so far this fiscal year (FY24), compared to $2.208 billion in September, $2.09 billion in August, and $2.029 billion in July.
Foreign Exchange Companies Previous Sale
He said the forex companies sold $200 million each in August and July, and $175 million to banks in September.
The local currency’s value marginally increased, but the exchange rate parity stayed unstable.
In the interbank market on Tuesday, the rupee gained 18 paisas against the dollar. The State Bank of Pakistan announced that the dollar closed at Rs. 285.79.
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