Pakistani rupee sheds 45 paisas against US dollar in interbank market
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The Pakistani rupee recorded a decline in its value against the US dollar in the interbank market on Wednesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency was on the receiving end as it lost 45 paisas against the greenback and ended the day at Rs279.88.
Interbank closing #ExchangeRate for todayhttps://t.co/s2qZyEjvOR#SBPExchangeRate pic.twitter.com/3jpzAeaRC5
— SBP (@StateBank_Pak) October 25, 2023
On Tuesday, the Pakistani rupee had depreciated 0.11% to settle at Rs279.43 against the US dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/Pdm3U8Qxyb#SBPExchangeRate pic.twitter.com/rXK7ITKqh4
— SBP (@StateBank_Pak) October 24, 2023
In a related development, the State Bank of Pakistan (SBP) had said that it is expecting improvement in the inflows of remittances to Pakistan in the future amid a significant increase in labour migration.
Pakistan witnessed a surge in labour migration in FY22 and FY23 compared to the preceding two years. Some 0.8 million Pakistani workers were registered through Bureau of Emigration and Overseas Employment (BEOE) and Overseas Employment Corporation (OEC) during FY23.
Reporter Ashraf Khan