Time to remit: Pakistan rupee hits 3-month high, set to rise further
Waheed Abbas/Dubai
Photo: AFP
In addition to strong inflows of foreign funds and remittances, good progress made on the Financial Action Task Force also supported the rupee.
Pakistani rupee hit a three-month high against the UAE dirham on Monday and is likely to strengthen further in the coming days, as dollar inflows into the country stay strong, thanks to remittances from Pakistani expatriates and foreign fund inflows.
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The rupee strengthened to 43.02 versus the dirham on Monday, its highest level since November 17, 2020 when it hit 43.04.
In addition to strong inflows of foreign funds and remittances, good progress made on the Financial Action Task Force (FATF) also supported the rupee. Under the FATF, though Pakistan had been retained in the grey list till June, it made good progress, achieving a compliance level of 24 targets out of a 27-point action plan.