The Pakistani rupee recorded its 10^th consecutive gain against the US dollar in the interbank market on Monday despite reports of drop in foreign remittances but towards the end of trading it lost steam, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency appreciated by three paisas and ended the day at Rs283.90.

https://twitter.com/StateBank_Pak/status/1734172148565168566

On the last trading day on Friday, the Pakistani rupee has gone up by a margincal 0.09 percent, settling at Rs283.87. after an increase of 25 paisas.

https://twitter.com/StateBank_Pak/status/1733089245131428184

Meanwhile according to a Bloomberg report, the International Monetary Fund’s (IMF) executive board will meet on January 11 to consider the final approval to disburse the next $700 million tranche from its current loan programme with Pakistan.

In a related development, the remittances sent by overseas Pakistani workers had gone down by 8.6 percent in November month-on-month, the State Bank of Pakistan (SBP) said.

The workers’ remittances recorded an inflow of $2.2505 billion in November as compared to the previous month’s figure of $2.4631 billion, the SBP data showed.

Cumulatively, it received an inflow of $11.0452 billion in the first five months of the current fiscal year starting from July 2023 to June 2024, it added. Last month, overseas remittances mainly came from Saudi Arabia with $540.3 million, the United Arab Emirates with $409.4 million, Britain with $341.7 million, and the United States with $261.5 million, according to the central bank.

https://twitter.com/StateBank_Pak/status/1733149679242899512

Remittances by overseas workers play an important role in Pakistan’s economy as they are one of the major sources of foreign exchange.

Reporter Ashraf Khan