Rupee strengthens, US dollar falls below 300 in inter-bank market

KARACHI: The Pakistani rupee maintained its positive momentum against the US dollar, appreciating another 0.55 percent during the opening hours of trading in the inter-bank market on Tuesday.

At 12:15pm, the rupee was hovering at 299.50, an increase of Rs1.66, in the inter-bank market.

On Monday, the rupee had strengthened 0.59% to settle at 301.16 in the inter-bank market.

In a related development, inflows of home remittances posted a decline of 22 percent during the first two months of this fiscal year (FY24), the State Bank of Pakistan (SBP) reported on Monday.

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According to the SBP, Pakistan received workers’ remittances amounting to $ 4.12 billion in July-Aug of FY24 compared to $ 5.25 billion in the same period of last fiscal year (FY23), a massive decline of 21.6 percent or $ 1.13 billion.

Internationally, the US dollar regained some lost ground during trading on Tuesday.

US inflation data for the month of August is due on Wednesday, with traders on the lookout for whether the world’s largest economy is indeed on track for a “soft landing” and whether the Fed has further to go in raising rates.