The exchange rate strengthened further this weekend as the dollar depreciated against the rupee and reached an eight-month low in the open market.
According to a report in the local newspaper Dawn, the rupee has continued to depreciate in recent weeks, bringing it closer to the level of the early weeks of 2020. The dollar fell below Rs. In this regard, it was slightly above Rs 158. In this regard, the President of the Forex Association of Pakistan Malik Bostan said that the uncertain situation created after the election in the United States weakened the US dollar internationally.
Looking at other foreign currencies, the euro was $ 1.17 on October 1, which reached 1. 1.18 on November 14, while the British pound, which was 29 1.29 on October 1, reached 1. 1.31 on November 14. The dollar continued to flow higher during the year, creating a surplus in the open market, with exchange companies reportedly depositing ایک 12 million in banks every day.
On the other hand, currency dealers and experts predict further appreciation of the rupee against the dollar, while some bankers say surplus remittances and the effects of the corona virus on global markets have boosted the local currency. , Increasing cases of code 19 in Europe and Pakistan may reduce export earnings.
It may be recalled that the exchange rate gradually stabilized after the dollar rose in the last week of August. On Saturday, the dollar was selling at Rs 157.80 in the open market, while on Friday it was trading at Rs 157.50.
