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In April, worker remittances rose by 27.9 percent year over year.

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Based on the central bank’s data, the United Arab Emirates (US$ 542.3 million), the United Kingdom (US$ 403.2 million), Saudi Arabia (US$ 712.0 million), and the United States of America (US$ 329.2 million) were the top four countries from which remittance inflows in April 2024 originated.

The SBP said in a statement that “for the first ten months of the current fiscal year, workers’ remittances increased by 3.5 percent cumulatively, with inflow of US$ 23.8 billion, as compared to the same period last year.”

Previous records show that in March 2024, remittances from overseas workers totaled US$3 billion.

Regarding expansion, remittances rose by 16.4% annually and 31.3 percent monthly during the month under consideration.

Comparing the first nine months of the fiscal year 2023–24 to the same period previous year, an inflow of US$ 21.0 billion in worker remittances was observed, up from US$ 20.8 billion.

Saudi Arabia (US$703.1 million), the United Arab Emirates (US$548.5 million), the United Kingdom (US$461.5 million), and the United States of America (US$372.5 million) were the top sources of workers’ remittance inflows on March 24.

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With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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