Pakistani rupee may hit record low of 350/USD by 2024: Report

BMI Research report predicts bleak outlook for PKR amid economic woes

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.

Monitoring Desk
Monitoring Desk
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29 COMMENTS

  1. 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.

  2. sorry insha’Allah rupees strong against dollar
    but all of the nation unite work only relief of the people in electricity. and inflammation

  3. 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

  4. 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 .

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