Rupee to Continue The Upward Trend Against US Dollar
Islamabad: Despite some obstacles, the Pakistani rupee’s upward trend against the US dollar will continue.
The currency would benefit significantly from higher GDP growth, rising foreign exchange reserves, and consistent remittance inflows of over $2 billion over the first eight months of the current financial year, analysts and market experts claimed in a Khaleej Times report (8MFY21).
The rupee closed at 157.12 on Friday in the interbank market, up 1.7 percent against the dollar so far this year. It finished slightly higher against the UAE dirham at 42.77 compared to 43.6 on January 8, showing a 1.9 percent appreciation.
In the current fiscal year, which ends in June 2021, Pakistan’s economy is predicted to grow by 2.5 percent GDP, up from the 0.4 percent contraction it experienced the previous year as the government’s policy initiatives begin to show progress.
According to Muhammad Nafees, vice president for finance at the Pakistan Business Council, a country’s current account position directly affects a currency’s value.
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