KARACHI: The Pakistani Rupee registered gains on Tuesday and was traded at Rs165.4 against the dollar. This level has not been seen since 18th June 2020.
Komal Mansoor, a senior analyst at Tresmark commented, “The State Bank of Pakistan (SBP) is selling dollars in the market after getting approval from China to use the $1 billion loan given to maintain forex reserves for budgetary support.”
She added that strong remittances have also supported the rupee.
“Remittances have been at a record high in the last two months, thus strengthening the rupee.”
Meanwhile, Samiullah Tariq, Head of Research at Pak Kuwait Investment Company, stated, “This may be because of the lagged impact of the current account surplus.”
He said the introduction of SBP Roshan Account may also have impacted the Rupee. “There is an improved sentiment due to the introduction of the Roshan Pakistan accounts.”
Tariq, however, pointed out, “You cannot forget that the dollar is weak globally and that the rupee is undervalued on the basis of the Real Effective Exchange Rate (REER).”
Going forward, Mansoor believed that the rupee is likely to find support at Rs165.
“Going forward, Mansoor believed that the rupee is likely to find support at Rs165. ”
Actually Rupee will find resistance not support as it strengthens as appreciation makes it stronger not weaker. It found support at 168.50 or 169 when SBP stepped in.
How this is possible when flood every where in the country.dangue and corona still in the surroundings.property rates collepsed and gold rising every week.so what actually happen to strengthening the rupee.ofcourse investor and mafia controlling this market.i find many people flew away to Turkey and some other countries for residency. I am one of them too.
This all happened due to gambling by PM Imran’s and General Bajwa on the instruction of International establishment, they intention to keep public under pressure and depression they fail to stop on going corruption of Billions monthly