Increased Remittances help PKR appreciate in the Interbank and KERB markets

Arrival of remittance through banking channel has appreciated the value of the rupee versus the dollar at interbank, strengthening by 11 paisa to Rs 105.29 compared to Monday’s close.

According a dealer at foreign exchange desk at local bank said due to Eid ul Azha flow of dollars have raised sharply and one could easily say that daily average volume has reached to 100 million dollars from daily average of 50 million dollars. He added that in the last three working sessions safely 250 million dollars have arrived from Overseas Pakistanis.

This translated into Kerb Market as well and Dollar rate, in the last three working sessions, has dropped by 70 paisa to Rs 106.30 to a dollar. Similarly value of Euro, Pound and other currencies also fell in the range of 50 to Rs 1.50, said a dealer at money exchange.