The US dollar upsurge against the rupee continues. Tuesday’s closing rate was PKR167.63 in the inter-bank market compared to PKR167.23 recorded on Monday.
Forex President Malik Bostan says, “the influx of dollars into Afghanistan following the Taliban takeover has increased pressure on the rupee.”
And he said, “the Increasing gap between imports and exports of Pakistan has mounted pressure on the local currency against the dollar.”
The analyst says, “the forecast for the rupee depends on the situation in Afghanistan. However, most probably the currency will further depreciate during this week.”
Tresmark said, “While dollar upsurge and rupee trading above 170 is not so good, resultunt insurge in inflation will be worse. Inflation will put policymakers under pressure to hike interest rates. This is going to be bad especially when the ruling party is looking to tame rising consumer prices.”
Pakistani currency will continue depreciating until remittances and current account data become more clear.
Good News
In all this, there is a good news for freelancers and exporters in Pakistan. People that have baight dollars previously can also recieve huge profits on their investments.
