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PKR continues to realize floor towards US greenback in interbank market

by Pakistan Latest News Update

The Pakistani rupee maintained its constructive momentum towards the US greenback, appreciating one other 0.39% through the opening hours of buying and selling within the inter-bank market on Tuesday.

At 10:15am, the rupee was hovering at 299, a rise of Rs1.16, within the inter-bank market.
On Monday, the rupee had strengthened 0.59% to settle at 301.16 within the inter-bank market.
In a associated improvement, inflows of residence remittances posted a decline of 22% through the first two months of this fiscal yr (FY24), the State Financial institution of Pakistan (SBP) reported on Monday.
In line with the SBP, Pakistan obtained staff’ remittances amounting to $ 4.12 billion in July-Aug of FY24 in comparison with $ 5.25 billion in the identical interval of final fiscal yr (FY23), a large decline of 21.6 p.c or $ 1.13 billion.
Internationally, the US greenback regained some misplaced floor throughout buying and selling on Tuesday.
US inflation information for the month of August is due on Wednesday, with merchants looking out for whether or not the world’s largest economic system is certainly on observe for a “soft landing” and whether or not the Fed has additional to go in elevating charges.
The US greenback index, which ended final week with an eight-week successful streak, rose 0.03% to 104.60, after falling 0.46% within the earlier session. Sterling steadied at $1.2508.

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