Rupee ended the year at 159.83, down 3% from year start, but significantly stronger than the low of 169.50 posted on 27th March 2020. This trend of strengthening was possible due to substantial growth in remittances, exports and multi lateral flows. In fact, Dec exports posted $2.16bn (annualised $26bn). Rupee has also been assisted by lower imports, oil prices and rescheduling of debt, and also due to a weak and bruised dollar in global markets. The Roshan Initiative promises to bring in another $1.2bn in 2021 (having clocked in about $200mn last year).
Muhammad Asim our advisor to Board shared his thaughts on PTV with an update and trends of ongoing currency rates and future trends for remittances flow and role of digital channels in brining more remittanes to the country. The increase in inflows of US Dollars in Paksitan and global impact on USD has reduced demand for USD and other foreign currencies therefore rates are goin gdown and this trend may remain continue further if CORONA lock downs are observed by developong markets. Click to see the complete video
KARACHI: The stock market got a massive boost during the outgoing week with the KSE-100 Index adding 1,667 points or 3.84% to close at 45,030.22, mainly due to the massive devaluation of the rupee against the greenback which helped reignite investor interest in a number of sectors.
ISLAMABAD: Pakistan´s rupee weakened sharply against the dollar on Tuesday in what appeared to be a currency devaluation by the central bank, traders said, the second such intervention in the last three months.
The world’s currencies are on an endless roller-coaster ride, their relative values constantly rising and falling in relation to each other, with the occasional stomach-churning drop.
The old paper £10 note featuring Charles Darwin will expire in just one weeks' time.
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