Rupee marginally gains to reach 221.92

The rupee marginally gained against the dollar on Friday as the local currency has shown an appreciation of 0.01 percent to reach 221.92.

According to the State Bank of Pakistan (SBP), the rupee has gained by Rs0.03 to Rs221.92 against its previous day’s value of 221.95. The rupee showed a depreciation of Rs0.52 or 0.23 percent yesterday.

SBP has also allowed the Exchange Companies to sell 20 percent of their inward workers’ remittances to their customers so that they could meet their demands.

According to Malik Bostan, the Exchange Companies Association of Pakistan’s (ECAP) Chairman, the remaining 80 percent of inward remittances will be surrendered in the inter-bank market. He said that because of the Rs10-15 higher rate in the black market customers were selling there.

Foreign exchange reserves held by the central bank rose by $1.5 billion due to the arrival of inflows from the Asian Development Bank (ADB).

The US dollar index that measures it against other currencies rose by 0.5 percent to 112.70 which was its highest value in a week. While the oil prices have also slid about one percent due to increased US interest rates.

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