The Pakistani rupee has been supported by remittances, which rose 20.2 percent to $10.88 billion in the first 10 months of the current fiscal year2011-12. The rupee rose 20.2 per cent in the first 10 month (July-March) 2011-12 compared with $9.05 billion in the same period last year. In April, remittances totalled $1.14 billion. Overnight rates in the money market closed at 11.90 percent, the same level as on Thursday. Pakistan Rupee rate was in a continues declining trend against US Dollar and other major currencies of the world since January this year.
In a long term perspective foreign exchange reverse are in uptrend, if compare the same from last 6 months figure, one can batter analyze where the Pakistan foreign reserves were standing. Foreign exchange reserves at $16.992 billion on week ended October 08, 2010, figures are tracked from last six month can draw a clear line and an uptrend can be seen clearly from the July, 2010 to October, 2010 and now after six months it is at $17.37 billion, as per economist expectations it seems that rising foreign inflows may take the rising effect of foreign exchange reserves.
