Rupee inches higher against US dollar

ISLAMABAD: The Pakistani rupee recorded its 10th consecutive gain against the US dollar in the interbank market on Monday despite reports of drop in foreign remittances.

According to the information received from money market, the local currency appreciated by 12 paisas and was currently being traded at Rs283.75.

On the last trading day on Friday, the Pakistani rupee has gone up by a marginal 0.09 percent, settling at Rs283.87. after an increase of 25 paisas.

In a related development, the remittances sent by overseas Pakistani workers had gone down by 8.6 percent in November month-on-month, the State Bank of Pakistan (SBP) said.

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The workers’ remittances recorded an inflow of $2.2505 billion in November as compared to the previous month’s figure of $2.4631 billion, the SBP data showed.

Cumulatively, it received an inflow of $11.0452 billion in the first five months of the current fiscal year starting from July 2023 to June 2024, it added.

Last month, overseas remittances mainly came from Saudi Arabia with $540.3 million, the United Arab Emirates with $409.4 million, Britain with $341.7 million, and the United States with $261.5 million, according to the central bank.