Rupee gains 28 paisa against dollar


Observer Report


The Pak Rupee gained 28 paisa against US dollar on Wednesday owing to improved inflows of export receipts and remittances. The rupee ended Rs167.64 to the dollar from previous day’s closing of Rs167.90 in interbank foreign exchange market.
Currency experts said that improved inflows of export receipts and remittances helped the rupee to gain the value. The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

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