Pakistani Rupee continue to appreciate in value against US Dollar in the interbank Forex market, gaining 22 paisas on Tuesday.
As per a tweet from State Bank of Pakistan, the US Dollar opened at Rs158.91 on Tuesday and closed at Rs158.69. PKR has appreciated by roughly Rs2.25 against the Dollar in the last two weeks.
Many analysts doubt long term sustainability of PKR-USD value at current levels and see Paksitani Rupee getting weak in Mid-term. However based on current trends which include rising remittance inflows of roughly $2 billion per month, a quarterly current account surplus ($792 million) after more than five years along with depriciation of dollar against all major currencies, Rupee may be on the rise in short term.
The deferment of $1.8bn loan repayment to G20 till December 2020 – with a further relaxation anticipated till June 2021 – and expected increase in foreign inflows under Roshan Digital Account will also help stabilise the exchange rate.
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