BusinessPakistan: US Dollar plummets to 160 Pakistani rupees in six months.

    Pakistan: US Dollar plummets to 160 Pakistani rupees in six months.

    In six months for the first time, the United States dollar is being exchanged at 159.97 Pakistani Rupees. As reported by the State Bank of Pakistan

    Islamabad, Pakistan: On Tuesday the state bank notified that the US dollar losing 14 paisas value in interbank against the Pakistani rupee came down to 159.97 Rupees in first in six months.

    An analyst at Arif Habib Limited, Sana Tawfiq said that the factors that led to the appreciation were an increase in remittance inflows, a quarterly current account surplus after five years of about 792 million dollars. A surplus was recorded against a deficit of 1.4 billion dollars last year along with depreciation of the dollar opposite all other major currencies.

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    The index of the dollar dropped to 10 percent since March. She added that the exchange rate will further improve with 1.8 billion bills repayment deferment to G20 till December 2020 with a hope of relaxation till June 2021.

    The launch of Roshan Digital Account will also improve inflows. Real Effective Exchange rate REE stands at a point of 94.1199 according to the September 2020 reports which may allow more space for appreciation of the rupee.

    She said that they expected the Pakistani Rupee to lay in the range of 159 to 161 till December 2020. Pakistani rupee gas gained as much as six percent against the dollar after going low as 168.45 Rs.

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    Due to higher inflow from abroad in form of export earnings and remittances. On the backside, the outflows have decreased due to the suspension of debt by G20 countries and lower importers.

    Malik Boston President of Forex Association Pakistan said that the facilitation of foreign Pakistanis by Roshan Digital Account has increased dollar fluidity in the interbank market. Rs 100 million per se as if September
    inflow has been recorded through Digital Roshan Account has now increased to Rs 400 million.

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    He says that the amnesty scheme launched by the government has also increased investments. The construction sector has also seen an increase in foreign investors.

    The State bank of Pakistan has yet to release a statement regarding the number of Digital Roshan Accounts opened by overseas Pakistanis.

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