Rupee opens higher against US dollar

KARACHI: The Pakistani rupee registered a minor gain against the US dollar as it appreciated 0.05 percent during trading in the inter-bank market on Wednesday.

At midday, the rupee was hovering at 279.30, an increase of Re0.13 in the inter-bank market.

On Tuesday, the rupee had depreciated 0.11 percent to settle at 279.43 against the US dollar.

Share market recovers after tumultuous day

In a related development, the State Bank of Pakistan (SBP) said it is expecting improvement in the inflows of remittances to Pakistan in the future amid a significant increase in labour migration.

Pakistan witnessed a surge in labour migration in FY22 and FY23 compared to the preceding two years. Some 0.8 million Pakistani workers were registered through Bureau of Emigration and Overseas Employment (BEOE) and Overseas Employment Corporation (OEC) during FY23.