Last Updated on: 17th July 2023, 06:16 am
The Pak rupee made an increase on Thursday, aided by inflows of dollars from remittances and dollar sales from exporters, traders said.
On the interbank market, the rupee closed at 156.74 against the dollar, 0.14 percent higher than Wednesday’s closing price at 156.96. The rupee also gained ground in the open market. It ended at 157.40 against the dollar, versus the previous closing price at 157.60.
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“Although demand for dollars from importers and corporations remained high, spikes in foreign remittance inflows from Pakistanis and dollar sales by exporters helped the rupee appreciate,” said a forex trader.
“We expect the rupee to remain stable against the dollar in the coming days. The rupee is unlikely to break the 156 marks this week,” he added.
The local currency had come under pressure in the past two weeks due to inflation, late June import payments, debt payments, and low post-Eid remittances. Delivery bottlenecks also put pressure on the local unit.
Analysts expect the rupee to hit 158 / USD by the end of the current fiscal year. The future rate of the rupee is likely to depend on the real effective exchange rate, the possible outcome of the upcoming meeting of the Financial Action Task Force (FATF), and the progress of the talks with the International Monetary Fund.
The local currency could trade at the 166 level in the next fiscal year.
