Pakistani rupee depreciates against US dollar in interbank market

Published: 08:06 PM, 30 Oct, 2023
Business
Pakistani rupee depreciates against US dollar in interbank market

The Pakistani rupee registered a meagre loss against the US dollar in the interbank market on Monday despite government’s latest scheme to boost remittances, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency went down by 38 paisas and ended the day at Rs280.95.

On the last trading day on Friday, the Pakistani rupee had closed at Rs280.57.

During the previous week, the Pakistani rupee had declined against the US dollar as it closed 0.63% or Rs1.77 lower in the interbank market. The local currency started the week at Rs278.80 level, but closed at Rs280.57.

In a related development, remittances inflows are likely to be back on track with a decent growth from Gulf countries as the local currency marked a significant comeback against the US dollar in the interbank and open markets in the last few weeks, experts said.

Additionally, the caretaker government has announced an incentive scheme of Rs80 billion for encouraging overseas Pakistanis to send remittances to their relatives in their homeland without any charges.

 

Reporter Ashraf Khan

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