KARACHI: With an increase in inflows in the open market, exchange companies sold around $150 million to banks in the 13 working days of November and hoped to sell another $150m in the remaining days of the month.

“We have sold about $150m to banks during the 13 working days of the current month against $350m sold in October,” said Malik Bostan, the chairman of the Exchange Companies Association of Pakistan.

Inflows during October were the highest so far for the current fiscal year (FY24) as the country received $2.5 billion in remittances compared to $2.208bn in September, $2.09bn in August and $2.029bn in July.

He said the exchange firms sold $175m to banks in September and $200m each in August and July.

The exchange rate parity remained uncertain despite a slight improvement in the value of the local currency. The rupee appreciated 18 paise against the dollar in the interbank market on Tuesday, with the State Bank reporting the closing price of dollar at Rs285.79.

Published in Dawn, November 22nd, 2023