In interbank trading, the value of the US dollar has dropped by 10 paisas relative to the Pakistani rupee amid the rise in remittances.
The interbank currency rate for the US dollar is currently Rs278.60.
In August 2024, remittances from workers in Pakistan increased significantly, totaling $2.9 billion. This represents a 40.5% increase over the same month the previous year, underscoring the vital role that Pakistanis living abroad play in bolstering the national economy.
The total amount of remittances received during the first two months of the fiscal year 2025 (FY25) was $5.9 billion, a 44% increase over the $4.1 billion received during the same period in the previous fiscal year (FY24).
In August 2024, Saudi Arabia was the top contributor of remittances, at $713.1 million. Following with $538.4 million, the United States of America (USA) and the United Kingdom (UK) contributed $322.4 million and $474.8 million, respectively. The United Arab Emirates (UAE) came in second.
