Pakistan rupee has strengthened by 30 paisa against the US dollar in the open market. The US dollar fell slightly on Thursday against the Pak Rupee. In the last couple of days, the dollar fell by 50 paisa.
It is presently traded for less than Rs 139. The value has gone below Rs 130 for the first time in the last seven weeks.
After the State Bank of Pakistan received financial aid from UAE and Saudi Arabia, things have improved for Pakistan. The foreign exchange reserves have jumped.
On Thursday the greenback was traded at PKR 138.5. Since December 5th, the dollar has remained stable at or above Rs139
Earlier we told our readers about a report by Fitch Solutions stating that it is expected that Pakistan rupee will fall to Rs148 against the US dollar by the end of the fiscal year 2018-19.
Must read: Pak Rupee Hits Record Low Against the Dollar
The report said, “Pakistan’s Finance Minister Asad Umar has alluded that the government can afford a two-month delay in the negotiations as the $6 billion loan secured from Saudi Arabia in October suggests there is no imminent balance of payments crisis in the near-term.”
But hopefully things will improve and Pakistan’s economy will move towards stability.