On Thursday, in the interbank trading Pakistani rupee’s exchange rate has gained strength by 31 paisas against US dollar. It closed at Rs161.82 whereas a day before it got closed at Rs162.13.
According to Forex Association of Pakistan:
- the buying rate of dollar in open market was seen to be Rs 161.8
- selling rate was seen to be Rs 162.5
Zafar Paracha stated: “The dollar is likely to hit Rs160 by December of this year, mainly on account of declining imports and a significant jump in remittances,”
He added: “Steps taken by the State Bank towards increasing the flow of remittances through the official banking channels have also helped stabilise the currency in recent weeks,”
In August, Dollar had reached its peak against Rupee by closing at Rs 168.43 but its gradually falling down now.
