Pakistan Rupee
Time to remit: Pakistani rupee exchange rate to stay remittance-friendly this week. Image Credit: Bloomberg

Dubai: The exchange rate of the Pakistani rupee with the UAE dirham and the US dollar will stay favourable for remittances to the country this week, in line with the prevailing trend.

The Pakistani rupee maintained its momentum for an eighth consecutive session on Monday, with the currency at Rs183.01 against the US dollar and at Rs49.82 against Dh1. Check the latest forex rates here.

Benefitted partly by remittances from overseas, the rupee’s consecutive recovery streak was mainly due to healthy US dollar supplies and positive sentiments about the outlook for the country, Geo TV reported, citing experts.

According to the State Bank of Pakistan (SBP), the rupee last closed at Rs181.55 against the greenback compared to a close of Rs181.58 on Friday.

The rupee has maintained a downward trend for the last 11 months. It has lost 19.22 per cent (or Rs29.28) to date, compared to the record high of Rs152.27 recorded in May 2021.

Weakness in the Pakistan rupee's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar.

The Pakistani rupee has depreciated by 15.24 per cent (or Rs24.01) since the start of the current fiscal year on July 2021, data released by the central bank revealed.