The Pakistani rupee (PKR) is expected to continue its downward spiral and reach a historic low of 350 per dollar by the end of 2024, according to a report by BMI Research, a Fitch Solutions company.
The report, which was cited by Bloomberg, a global financial news provider, says that the PKR will be the worst-performing currency in Asia this year, and will face further depreciation in the next three years. The report attributes the PKR’s weakness to Pakistan’s high inflation, trade deficit, debt payments, external funding gap, and falling foreign investments.
The report also cautions that Pakistan may face a dollar shortage that could lead to the emergence of parallel currency markets, where the dollar is traded at a higher rate than the official exchange rate. This would undermine the credibility of the central bank and the government, which have been trying to curb illegal currency trading and stabilize the rupee.
The report adds that Pakistan’s economic challenges may persist well into 2024, as the country relies on short-term loans and aid from the International Monetary Fund and other lenders to avoid a default. The report suggests that the market will demand a higher risk premium for the PKR, given the rising interest costs and the uncertain external balance.
The report said that the PKR is set to adjust downwards, and that the authorities will not be able to resist the market pressure sustainably. The report implies that a weaker rupee will have negative implications for Pakistan’s economic growth, stability, and social welfare.
after I read a few sentences above I got useful information for me
after he read a few sentences above he got useless information for him. Gay Hind.
Please stop spreading rumors and false predictions, panic and negative news all the time.
Do some positive journalism as well.
Regards
350 is a underestimate .
the articles are useful material for the readers.
Correction …350 by End June 2024 ….not Dec ….
350×56/56+567/556@2>$79<285
plz
yar
lodhran
Bakwas about…
تو کیا ھوا اگر 350 کا ڈالر ھو جائے گا۔۔۔
an unpolitical answer…
I’m Pakistani please I’need halpe me I’m vary power my no 03224742538
ma keya karo
yes very nic
Pkaag kerwnay k pese hain ap k pas wah
is this for real, if yes then economic situation will get worst.
i can hereby predict that the writer’s shorts on stocks in psx are near liquidation 😂 also these reports are literally a joke in financial markets, even if by JP morgan.
I hope this not to happen.
I am not even surprised. Every currency is falling, except for Rubel 🙂
I hope this won’t happen. And I am wondering how can they predict something like this? It’s November 2023 now, how do they know what will happen in 2-3 months? Aren’t they just scaring people?
When external hands interfere in domestic political affairs,what else do you expect? It is the East India company at play.
sorry insha’Allah rupees strong against dollar
but all of the nation unite work only relief of the people in electricity. and inflammation
dollar 💵 rate is new up to 200 1 $
inshallah
see you 😌 soon
we need more usd to run a country with 24 core population, if we want to build plant electricity and other master plan in our country so dollar will be 350 in few months
There is already a parallel market, though the difference in price is lower right now
it can easily cross 350+. Its a hub of mismanagement
After election dollar will increase
we may be short of dollars ,due to our low exports performances . But overall our country is progressing well after,Covid 19,n floods damages losses. We are facing silent sanctions ,which has hampered our developments. Our political situation is another factor making our country unreliable for foreign investments. Still we have got best entrepreneurs which can turn arround our country making it one of the best emerging economies of the world. We need some toleration and develop Hubul Watan in our policies. Corruption sickness has to go and law and order is needed . Our departments have been infiltrated with enemy agents,including some media our being controlled by them ,which is one of the factor in demoralising and spreading anarchy in our country and its people. Yes but Unity,Faith and Discipline are the needs of the time which was rightly said by are founding Leader Mohammad Ali Jinnah “The Quaide Azam”. Let’s all pray for the best .
I really need money loan give me
I think this predictio will not to happen.
Don”t be afraid by everything in future because we do not know exactly the future is. Even the genius may be wrong.
Your Blog is an excellent piece of work.
Its April and now and every thing is happening inverse from your prediction. PKR is strengthening and PKR declared best performing currency in ASI by Bloomberg. Now tell me what has happened to this sure short analysis where people has also commented that its very useful and informative while the truth appeared to be just the opposite?
You actually did not ropelike ‘it will be’ or ‘it might happen’, the article language was like that it is pre-determined, which is very surising.
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Thanks for the information. Thank you
Its an excellent post.
This outlook for the Pakistani rupee is concerning. For the currency to reach historic lows in the coming years shows the ongoing struggles facing the economy. High inflation and deficits putting steady devaluation pressures on the rupee. Risks like a parallel currency market emerging would only compound issues for businesses and consumers too. While aid helps avoid default now, continuous reliance doesn’t address the underlying pressures. Tough times ahead it seems, with a weaker rupee potentially slowing growth and development. The authorities will really need to curb costs and boost confidence to stabilize the situation over the long run.