Since July 29, the rupee has been steadily strengthening. On Wednesday, however, the rupee lost ground against the dollar, falling by 98 paise.
According to information provided by the State Bank of Pakistan (SBP), the rupee declined 0.46 percent and ended the day at 214.88 to the dollar.
The majority of analysts continue to predict that the rupee will fluctuate around 215 levels till Pakistan receives approval from the International Monetary Fund (IMF) to release the tranche, she continued.
Remittances’ upward trend was reversed in July, according to data issued by the SBP on Tuesday, when a 7.8 percent decrease was reported compared to the same month the previous fiscal year.According to the SBP, the country received $2.523 billion in July FY23 as opposed to $2.736 billion in July FY22. Over $31 billion in remittances were sent to the nation in the previous fiscal year, a record high.
Money transfers from almost all significant destinations, besides the United Kingdom, decreased, according to data from the SBP.
The rupee has plummeted, according to FAP Chairperson Malik Bostan, because commercial banks are paying more to buy dollars. In order to prevent a detrimental effect on the trading activities in the open market, he encouraged the SBP to take action with banks that were purchasing dollars at higher rates.
