The Pakistani rupee on Thursday opened the interbank business in positive territory against the US dollar amid reports of increased inflow of foreign remittances on the eve of Eidul Fitr. According to the data made available by the forex dealers, the local currency appreciated by 19 paisas against the greenback and was currently being traded at Rs283.70. On Wednesday, the Pakistani rupee remained largely unchanged against the US dollar during trading in the inter-bank market. According to the State Bank of Pakistan (SBP), the local currency settled at 283.89, an increase of only one paisa. Experts say the increase in inflows from workers’ remittances on the eve of Eidul Fitr and a decline in import payments have reduced demand for the US dollars.

Credit: Independent News Pakistan-INP