KARACHI: In a positive development, Pakistan Rupee may fall below Rs. 150mark against US dollar.
Pakistani rupee is strongly expected to maintain its uptrend in the shortrun and peak out at around 150 to the US dollar over the next three to fourmonths, which will provide an opportunity to the central bank to build thecountry’s foreign currency reserves by absorbing excess supply of thegreenback in the market.
An economist at a leading bank, a currency dealer and a textile exporter,in different conversations, told The Express Tribune that the continuouslystrengthening rupee would peak out at around 150 to the US dollar by theend of March 2020.
Later, the rupee is anticipated to return to its depreciation phase aroundthe fourth quarter (April-June) of the current fiscal year. “The rupee mayreturn to 164-165 by the end of FY20,” the economist said on condition ofanonymity.
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So far, the rupee has regained 5.52% of its value or Rs9.07 in around pastsix months to 154.98 to the greenback on Thursday compared to the all-timelow close of 164.05 in the inter-bank market on June 27, 2019, according tothe State Bank of Pakistan (SBP).
“The recovery of the rupee came following a significant increase in thesupply of dollars in the market and drop in demand amid a notable reductionin imports, improvement in exports and steady inflow of workerremittances,” the economist said.
