KARACHI: The rupee rose moderately on Wednesday, as exporters sold dollars and remittances boosted inflows with positive sentiment supporting the local unit, dealers said.
In the interbank market, the rupee closed at 165.70 against the dollar, compared with the Tuesday’s closing of 165.88.
“There were dollar conversions by exporters, while remittances were also pretty good,” a foreign exchange dealer said.
Dealers expect the rupee to strengthen further, trading at 165.20 against the dollar in the coming days.
In the open market, the rupee gained 10 paisas to end at 166.20 against the dollar.
Analysts said positive economic developments are building sentiment in the market.
An enthusiastic response in Roshan Digital Account and Naya Pakistan Certificates, an innovative banking and investment solution for nonresident Pakistanis, is gaining good appeal.
“Our digital banking industry will get streamlined and flourish and attract foreign exchange reserves,” an analyst from Tresmark said.
Remittances have been increasing, as travel restrictions are forcing many expatriates to send money through official banking channels rather than by unofficial channels (through relatives, hawala / hundi, etc).