Pakistani Rupee to Remain Range-Bound in Upcoming Week
Next week, the Pakistani rupee is anticipated to remain range-bound, as importer demand for dollars will continue to affect the movement of the local currency.
In the following week, the rupee is anticipated to move within the range of 163.40 to 163.90 per dollar. It will stay under 164.
If the inflows roughly match the demand and there are no new triggers, range-bound trading would prevail for the domestic currency.
The market anticipates that demand from importers would stay elevated in the coming days as they make payments, causing the rupee to incur minor losses.
In August, the anticipated $2.8 billion inflows from the International Monetary Fund eased the anxieties of a sinking rupee and gave currency dealers comfort.
To increase global liquidity, the IMF Board of Governors approved a general distribution of Special Drawing Rights (SDRs) equal to $650 billion. On August 23, 2021, the general allotment of SDRs will become effective.
As a result of these inflows, the central bank’s foreign exchange reserves are projected to reach an all-time high of $20 billion by the end of this month.
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