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Rupee Posts Gains Alongside US Dollar 5th Day in A Row

On the sixth day in a row, the Pakistani Rupee’s value increased relative to the US dollar. For the ninth consecutive month in March 2021, Pakistan also received record remittances from abroad employees totaling over $2 billion.

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The SBP reports that Pakistani expats sent $2.7 billion in remittances in March 2021, an increase of 43% from March 2020.

Dealers claim that the rupee is gaining as a result of India’s stronger external situation and declining need for import payments. Ramadan and Eid ul-Fitr are also likely to bring inflows that will strengthen the rupee.

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In addition, PKR gained today versus the Euro by 23 paisas, the Australian Dollar by 7 paisas, the UAE Dirham by AED, and the Saudi Riyal by 5 paisas apiece.

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