Rupee continues recovery

Published October 10, 2020
The rupee has recovered 2.5 per cent against the dollar since the beginning of FY21. — Reuters/file
The rupee has recovered 2.5 per cent against the dollar since the beginning of FY21. — Reuters/file

KARACHI: The rupee has recovered 2.5 per cent against the dollar since the beginning of FY21, reflecting some stability in the exchange rate after reaching close to Rs169 in the previous fiscal year.

The dollar closed at Rs163.83 on Friday while the price of greenback at the end of FY20 (June 30) was Rs168.05, representing a gain of Rs4.22 for the local currency since during the new fiscal year-to-date.

Though the US dollar gained 11 paisas against the rupee on Friday, the last day of trading in the interbank market, bankers said the inflows were increasing.

“The inflow through the new channel to attract dollars is also working. Overseas Pakistanis have started using the Roshan Digital Accounts which was just introduced by the State Bank,” said a senior banker.

However, neither banks nor the SBP has data about the inflows. Roshan Digital Account was inaugurated by Prime Minister Imran Khan on September 10 and is a major initiative of the SBP in collaboration with commercial banks operating in Pakistan to facilitate millions of overseas Pakistanis and attract foreign exchange.

The dollar rates were slightly higher in the open market at Rs164.10 but dealers said the trading is extremely slow as the buyers are not available.

“Due to the absence of currency buyers, we have deposited $283 million in banks in August while we more or less expect the same amount for September,” said Malik Bostan, President Forex Association of Pakistan.

Published in Dawn, October 10th, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.
Concerning measures
Updated 03 Nov, 2024

Concerning measures

The govt must seek political input and consensus on the changes it is seeking to make and be open about its intentions.
Short-lived relief?
03 Nov, 2024

Short-lived relief?

POLICYMAKERS must be jumping with joy. At the close of the first quarter of FY25, the budget posted a consolidated...
Brisk spread
03 Nov, 2024

Brisk spread

THE surge in polio cases has reached distressing levels with a tally of 45 last reported, after two cases emerged in...