Market talk suggests that dollar inflows surged on account of rise in remittances sent home by overseas Pakistanis and higher export earnings. Exporters scrambled to sell the greenback on forward counters in the currency market, believing that the rupee may continue to strengthen in the coming days. Higher inflows of foreign currency in future will further support the rupee. Pakistani rupee, however, maintained its downtrend in the open market owing to the uptick in demand for the greenback. Treasury firm Tresmark said on Saturday that the rupee had remained in the range of 279-280 to a dollar in the past 30 days.

Source: The Express Tribune February 27, 2024 10:22 UTC