Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (ECAP).
The rupee’s appreciation comes on the heels of a record current account surplus of $792 million in the first quarter of the current fiscal year, as reported by the State Bank of Pakistan (SBP) on Wednesday.
“The surplus reached $73 million [in September] against a deficit of $278m a year earlier. As a result, the current account recorded a surplus of $792m in 1QFY21, the first quarterly surplus in more than five years. Continued buoyancy in remittances (up 9pc m/m) and a broad-based rebound in exports (up 29pc m/m) drove the current account surplus in September. Imports also picked up in line with the ongoing revival in domestic economic activity,” the SBP had stated.
The dollar is likely to hit Rs160 by December of this year, mainly on account of declining imports and a significant jump in remittances, said ECAP Chairman Zafar Paracha while speaking to a private media outlet.