ISLAMABAD (Monitoring Desk) In one week, the dollar reached a five-month low in the inter-bank market. The dollar started to depreciate last week in the inter-bank and local open-currency markets. The dollar dropped from Rs 161 to Rs 160, with the Pakistani rupee rising as a result. According to a survey from the Pakistan Forex Association, the dollar decreased in value by 85 countries against the rupee in the inter-bank market last week. As an outcome, the dollar’s sales price dropped from Rs 160.95 to Rs 160.25 and the sale price decreased from Rs 161.20 to Rs 160.35.
Similarly, the purchasing price of dollar dropped by Rs 1.10 from Rs 161 to Rs 159.90 on the local open currency market, and the sale price decreased from Rs 161.30 to Rs 160.20. The currency slightly dropped in value by Rs 4 during the time under study , taking down the purchasing price of the euro from Rs 189 to Rs 185 and the sale price from Rs 191 to Rs 187. Similarly, the British pound’s selling price fell by Rs 3 to less than Rs 209. The tax was lowered to Rs 205.50 and the purchase price was dropped to Rs 208 from Rs 211. According to the Forex Association, on Saturday, in the local open currency market, the dollar depreciated by 10 countries against the rupee and the euro depreciated by 1 rupee. The British pound remained steady, however.
Remember that the dollar’s value was expected to hit 160 rupees, so the dollar’s value has achieved this stage. The dollar is expected to slip lower and the Pakistani rupee is poised to appreciate. There were queues of individuals exchanging dollars last week. This outlook would be somewhat unpredictable for those waiting for the dollar to rise, but it is also accurate that the dollar is beginning to depreciate.