Rupee surges on remittance boost
In line with market expectations, the increase in inflows of workers’ remittances supported the rupee, hitting over a 10-week high at above Rs281 against the US dollar in the interbank market, maintaining a winning streak for the sixth successive working day on Wednesday.
According to the State Bank of Pakistan’s (SBP) data, the domestic currency appreciated by 0.03%, or Rs0.09, to close at Rs281.13 against the greenback. It has cumulatively increased by 1.60% or Rs4.51 in the past six weeks to date, as the supply of foreign currency surpassed the demand in the market.
Read more: https://tribune.com.pk/story/2452839/rupee-surges-on-remittance-boost
