A dollar can now be bought for Rs156.60 in the open market as the greenback rate dropped to a one-year low on Tuesday. The last time it traded below Rs157 was on March 10, 2020. “The State Bank took several initiatives such as Roshan Digital Accounts last year during the pandemic,” said Zafar Paracha, the secretary of the Exchange Companies Association of Pakistan. “The dropping rate shows those initiatives have been bearing fruits.” Inward remittances, the foreign exchange overseas Pakistanis send to the country, have been strong, he said. These remittances stood at $18.7 billion in the first eight months of FY2021 (July to February), which was 24% higher than the sam.
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Market watch: KSE-100 skyrockets as political tensions ease
Benchmark index soars 1,008.32 points to settle at 43,788.08
KARACHI:
Contrary to the dominant bearish trend during the week, the benchmark KSE-100 index skyrocketed over 1,000 points on the last day of trading week, surpassing the 43,000-point mark.
The positive performance came on the back of fading cloud of political uncertainty as investors were optimistic about the Senate chairman election.
According to the election results, announced after the trading session, incumbent Senate Chairman Sadiq Sanjrani was re-elected to the chair of the upper house, defeating Pakistan Democratic Movement (PDM) candidate Yousuf Raza Gilani.
In addition to that, the flow of workers’ remittances into Pakistan remained strong above $2 billion for the ninth successive month in February 2021. According to data released by the State Bank of Pakistan, the country received remittances worth $2.26 billion in February, which was 24% higher
The dollar can now be bought for Rs157.95 in the open market as the greenback rate has dropped to a one-year low. The last time dollar was traded below Rs158 was on March 10 last year. “The State Bank took several initiatives such as Roshan Digital Accounts last year during the pandemic,” said Zafar Paracha, the secretary of the Exchange Companies Association of Pakistan. “The dropping rate shows those initiatives have been bearing fruits.” He added that the inward remittances, the foreign exchange overseas Pakistanis send back to the country, have been strong. The remittances in the first seven months of the fiscal year 2021 (July to January) stood at $16.5 bill.