LAHORE – Pakistani Rupee is likely to hit Rs 150 mark against US dollar bythe end of FY 2018-19, it was revealed in an international monetaryinstitution report.
Fitch Solutions in a report has said it expected the rupee to touch Rs148against the US dollar by end of the financial year 2018-19.
The report forecast the rupee to weaken further against the US dollar overthe coming quarters, as the IMF would typically require the central bank tobuild up its foreign reserves’ buffers.Image: Fitch Solutions
“Pakistan’s Finance Minister Asad Umar has alluded that the government canafford a two-month delay in the negotiations as the $6 billion loan securedfrom Saudi Arabia in October suggests there is no imminent balance ofpayments crisis in the near-term, said the report.
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According to Fitch Solutions, despite the failure of Pakistan and theInternational Monetary Fund (IMF) to reach a final agreement on the termsof a bailout, it was only a temporary stumbling block, as it anticipatedthat the agreement would be reached by the first quarter of 2019.
