The Pakistani rupee continued to rise against the US dollar on Tuesday, reaching 299.89 in the interbank market for the fifth straight session.
Rupee Appreciates Against USD
According to the State Bank of Pakistan (SBP), the rupee was up Rs1.27, or 0.42%, at the closing. The rupee has gained more than 2% in the last five sessions. Its rise in the free market, on the other hand, has been far more significant.
The rupee gained 0.59% to close at 301.16 in the interbank market on Monday.
In a related incident, the SBP revealed on Monday that inflows of home remittances fell by 22% during the first two months of this fiscal year (FY24).
Depreciation in Worker-Remittances
According to the SBP, Pakistan received $ 4.12 billion in worker remittances in July-August of FY24, compared to $ 5.25 billion in the same time last fiscal year (FY23), a 21.6 percent or $ 1.13 billion decrease.
During trading on Tuesday, the US dollar regained some lost ground internationally.
US inflation data for August is due on Wednesday, with traders eager to see if the world’s largest economy is on course for a “soft landing” and if the Fed has farther to go in hiking rates.
The US dollar index, which had an eight-week winning streak come to an end last week, climbed 0.03% to 104.60 after sliding 0.46% the previous session. Sterling held steady at $1.2508.
Oil prices, a crucial currency parity indicator, increased almost 1% on Tuesday, bolstered by a tighter supply picture, while investors awaited macroeconomic data that could suggest whether interest rates in the United States and Europe will rise further.
To read our blog on “Rupee gains huge Rs. 35 in value against USD in just 5 days,” click here.
