Pakistani rupee hits lowest in 19 months

Decline triggers spike in remittances from Gulf-based Pakistani expats

- BY ASHFAQ AHMED Senior Assistant Editor

The Pakistani rupee (PKR) continued its downward trajectory, hitting a 19-month low in the inter-bank market against the US dollar on Monday.

At the close of trading, the rupee settled at 284.22 per dollar, marking a depreciation of 25 paisas compared to the previous session. Exchange rate also falls to Rs77.68 against one dirham, prompting more Pakistanis in the UAE to remit money back home.

"We have seen surge in remittances to Pakistan since last night due to better conversion rate" said a marketing manager at a leading money exchange company in Dubai.