In an unprecedented move, Pakistan Rupee may hit low of Rs 145 against US dollar , Media Report has revealed.* The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP).
“The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. A notable drop in the demand for dollars due to reduction in imports and a surge in the rate of return on banks’ fixed deposit schemes caused an increase in the supply of dollars in the market and helped strengthen the rupee in the past four months,” he said.
Elaborating, he said domestic investors had relocated their investment into rupee-based fixed deposit schemes from investment in dollars after the rate of return on the schemes increased to around 13-14% per annum compared to around 7-8% about two years ago. The situation pushed local investors to sell dollars at the currency dealers’ counters, which increased the supply of dollars.
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