The Pakistani rupee continued its upward trend against the US dollar and hit an almost two-year high on Friday.
“The rupee rose 1.4 per cent in eight days to 152.2753 a dollar at interbank market close — the highest since June 2019,” according to central bank data.
Samiullah Tariq, head of research at Pakistan Kuwait Investment, attributed the rupee’s strength to higher foreign currency inflows.
“The US dollar supply is high in the interbank and open markets as non-resident Pakistanis are sending higher amounts to the country ahead of Eid Ul Fitr, which marks the end of the fasting month,” Tariq told Khaleej Times on Friday.
The State Bank of Pakistan recorded a 43 per cent year-on-year increase in remittances in March as overseas Pakistanis remitted $2.72 billion to the country.