PKR’s Decline Against $ Continues, Will Next Stop Be PKR 170?

Karachi (Syed Amir Rizwan): Where will our currency rate be stablised? A pertinent questions which is circulating in the financial circle for some days. Dollar is rising since last 15 days and now it has breached PKR 166 mark.

Money Exchangers said dollar demand is high due to opening of internatioanl flights. Foreigners and dual national Pakistanis are leaving Pakistan since last 15 days and they are major buyers of the greenback. Money market traders said dollar demand increased in the inter-bank as oil import resumed this month.

Market is expecting dollar to touch PKR 170 by the end of this month. Oil prices are moving up in the international market, which is pushing demand, said a trader. Dollar supply is shrinking due to slow pace of remittances, he added. If situation persist, dollar will set new records against Pak Rupee.

Forex Reserves

Meanwhile, State Bank of Pakistan released numbers of Pakistan;s liquid foreign reserves. On June 12, Pakistan’s liquid forex reserves were at $16.77 billion compared to $16.70 billion on May 29.

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