Experts predict a further appreciation of the Pakistani rupee in the coming weeks, with the US currency depreciating by more than Rs 16 in the last seven months, reducing the volume of domestic debt by more than Rs 1,700 billion.
Karachi: The dollar is likely to fall to a low of Rs 145. According to details, the US dollar continues to depreciate and the Pakistani rupee continues to appreciate Pakistan’s currency market. The second day of the business week on Tuesday saw a clear fall in the value of the dollar in the interbank and open markets, after which the value of the US currency fell to a 22-month low.
The dollar touched Rs 153.20 in the interbank market and Rs 153.50 in the open currency market. According to the Forex Association of Pakistan, the buying rate of the US dollar fell from Rs 154 to Rs 153.10 and the selling price fell from Rs 154.10 to Rs 153.20 on the interbank market on Tuesday. In the open currency market, the dollar fell from Rs 154.20 to Rs 153.20 and the selling price fell from Rs 154.40 to Rs 153.50.
It has been reported that since August 2020, the dollar has depreciated by more than Rs 16. The dollar hit a record high of Rs 169 during the Karuna crisis last year, but the country’s currency has shrunk by more than Rs 1,700 billion over the past seven months due to the continued depreciation of the US currency. Done Regarding the appreciation of the rupee and the depreciation of the dollar, Chairman Foreign Exchange Currency Dealers Malik Bostan said that the depreciation of the dollar against the rupee is very important, there is a strong possibility that this trend will remain to continue until the end of next month.
He said there were three main reasons for the fall in the value of the US dollar: the Digital Enlightenment program launched by Prime Minister Imran, the receipt of record remittances, and the loan to Pakistan by the International Monetary Fund (IMF). Receiving the second installment of the program. For the next few months, Pakistan also has time for international payments. Delaying these payments will strengthen the rupee. The US currency could reach Rs 145 against the rupee within the next two months.