Pak Rupee Against-Dollar at 9 Month Low Position

Pak Rupee Against-Dollar at 9 Month Low Position, In the Inter-Bank dollar, the rate reaches to 9-month high position against Pak Rupee. As per figures shared by the State Bank of Pakistan, in inter-bank dollar rate for 23 July was 162.32 against Pak Rupee that is a 9-month high position.

Before 9 months when the dollar reached 168 rupees then started gradually lowering its position and came at 152 Rupees.

Dollar once again started getting strength and slowly and gradually it has once again touched 162 Rupees and expectations are dollar may touch 170 Rupees.

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Rupee depreciation started after the budget 2021-22 announcement for the new fiscal year.

What are the reasons behind appreciation against Pak Rupee?

Pakistan import bill is increasing that mean Dollar outflow is more than the dollar inflow.

The balance of supply and demand of the dollar is disturbed which caused the depreciation of the Pak Rupee against the US Dollar.

Another reason is that Pakistan has paid its debt due to which pressure on Pak Rupee is increased hence it resulted in depreciation of Pak Rupee against US Dollar.

Pakistan foreign reserves maintained in Dollars and held with the State Bank of Pakistan are in a stable position of more than 24 Billion Dollars.

$17 Billion Dollars are national reserves whereas the remaining more than $7 Billion are commercial banks reserves with the State Bank of Pakistan.

Pakistan launched Roshan Digital bank Account is performing well enough and so far it has received nearing $2 Billion from overseas Pakistanis and the amount is increasing day by day with the passage of time.

Deposits in Pakistani banks are also in a good position and have crossed Rs.17 Trillion.

Another reason for dollar appreciation against Pak Rupee is the international demand and worth of the US Dollar is increased.

Dollar appreciation is another cause is the stable American economy which is the originator of Dollars.

If the dollar kept on the increase at the current pace then it may touch 170 Rupee which will be a new peak of Dollar against Pak Rupee.

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