In positive economic development Pakistani Rupee hits six months high against US dollar, further rise expected

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In positive economic development Pakistani Rupee hits six months high against US dollar, further rise expected

KARACHI: In positive economic development Pakistani Rupee hits six months high against US dollar, further rise expected in coming months.

The rupee in open market rose to its five-month high as demand for the greenback fell owing to the decline in imports whereas the increase in dollar from lending agencies and foreign investment in the government papers helped stabilise rupee-dollar parity.

Currency dealers foresee rupee to rise further in coming months in the wake of higher inflows of dollars and increased attraction of local currency.

The dollar traded as low as Rs154.70 in the open market on Saturday which was much lower compared to Rs164 on June 26 this year.

“We traded dollar at Rs154.70 as lowest and Rs155 as the highest rate during the day. These were lowest prices since it touched Rs164,” said Forex Association of Pakistan President Malik Bostan.

The dollar scaled new peak on June 26 after it hit Rs164 mark in the open market but soon started falling against the rupee. The rupee has appreciated by 5.67 per cent against the dollar since June this year.

Currency dealers said the gradual appreciation of rupee helped stabilise exchange rate which remained range bound in the Rs155-156 bracket for the last few months.

The stability can be attributed to steady exchange rates in the inter-bank market which showed the dollar price at Rs155 on lower side and Rs155.10 on higher side on Friday.