Rupee Hit all time low against US Dollar

Pakistani Rupee Hit all time low against US dollar , Rupee kept on scoring low to Rs 173 against the green back which has created a new history in the inter bank currency market on the first trading day of the week.

As per forex dealer rupee behavior seem on continuous drop, showing a depreciation of further Rs 1.82 over Friday’s close of Rs 171.18.

Although State Bank has taken a number of measures to control the rising trend of Dollar  and to ease pressure on the exchange but irrespective of all the measures Dollar still kept on going up against Pakistani rupee.

Earlier, the central bank introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies to curb undesirable outflows of foreign currency.

We also saw a massive remittance inflows last month and it was estimated that with the aid of foreign remittance intake into the country there is a slight chance in improvement of rupee standing against dollar but so far there is no solid impact seen and US dollar is keeping rupee tumbling with each day passing so far.

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Remittances inflows in September as per SBP

As per the guidelines shared by the State Bank of Pakistan, persons traveling to Afghanistan will be allowed to carry only US$1,000 per person per visit with a maximum annual limit of $ 6,000.

Not only this Exchange companies will be required to conduct biometric verification for all foreign currency  sale transactions equivalent to US $ 500 and above and outward remittances and this will be applicable with effect from October 22, 2021

To make rupee stand firm against US Dollar we need more and more inflows of Foreign currency and improved exports . Certainly an improved Exports will not not only improve rupee standing but it will also help in reducing country widened trade deficit which is another key factor which both Government and State Bank of Pakistan are eyeing.

 

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