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Rupee continues to gain weight in its value

Rupee continues to gain weight in its value

LAHORE: Pakistani rupee is continuing to gain weight against the US dollar that has depreciated by around Rs 4 in a single week while its value is fluctuating at around Rs 100 mark. US dollar value in international foreign exchange rates stood at Rs 100.69. Pakistan open market rates for US dollar are Rs 100.25 whereas interbank rates for dollar are at Rs 99.70.

The US dollar, which was traded at Rs 112 last year, has started downward journey from last week apparently due to handsome inflow of dollars in the country. Before this massive devaluation of dollar, the exchange rate remained stable at Rs 105-106 for a period of about two months. Market sources are of the view that US dollar might be valued under Rs 100 in next few days if current exercise continues.

Whenever dollar inflow exceeds than its outflow, it strengthens the reserves and eases pressure on exchange rate, as happening at present. The market sentiment has improved with reported inflows in the form of remittances and others which will help in lessening the pressure on country’s exchange reserves.

Situation is likely to further improve in the months to come as huge reserves are expected to be received from different sources, which would help in further stabilising the Pakistani rupee.