Pakistani rupee deals another heavy blow to US dollar

State Bank says workers’ remittances rise to highest level in history in March

By: News Desk
Published: 10:02 AM, 14 Apr, 2022
Pakistani rupee deals another heavy blow to US dollar
Caption: Representational image.
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Powered by the political stability, the Pakistani rupee gave no breather to the US dollar on Thursday also as it scored a handsome gain as the traders took positions in the intrabank market, reported 24NewsHD TV channel.

The US dollar crashed down to Rs181.40 as the Pakistani currency continued to flex its muscles after touching historic low of Rs189 on April 7.

As the trading started, the rupee gained 42 paisas in no time. 

Yesterday, the greenback was closed at Rs181.82.

Experts said during the business in last five trading days the US dollar has lost its value by Rs7.58 which is a very healthy sign for the Pakistani currency.

According to economic experts, the Pakistani rupee has started showing signs of recovery after the political uncertainty has come to an end and a new government has been installed with Shehbaz Sharif as the prime minister. 

The IMF has already announced that it would start its next review for the USD 6 billion bailout programme once a new government would take place. 

The IMF has stalled its review talk with the previous PTI government as the global lender expressed its concern over the relief package announced by former prime minister Imran Khan. 

Apart from this, the State Bank also hiked the policy rate by 250 bps to 12.25% in an emergency meeting on April 7 after rupee plunged to an all-time low to help safeguard it from further dip. 

Remittances rise to highest level

Another good news is that the workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion during the first 9 months of FY22, up 7.1% over the same period last year, said State Bank of Pakistan (SBP) in a tweet posted on Thursday morning.

Reporter Ashraf Khan