US dollar depreciates against Pakistani rupee

US dollar

KARACAHI: The US dollar continued its downward trend in the interbank market on Wednesday, closing at Rs 281.72 after losing 17 paise.

According to the State Bank of Pakistan, the dollar opened at Rs 281.89 and traded as low as Rs 281.50 during the day.

The decline in the dollar’s value comes amid a stable exchange rate regime and improved foreign exchange reserves in the country.

According to a long-term forecast by Long Forecast, the US dollar could range from Rs267 to Rs319 in 2024, with an average of Rs292. The forecast is based on historical data, trends, and technical analysis.

According to a report by Topline Securities, a brokerage firm in Pakistan, the US dollar could range from Rs320 to Rs340 by June 2024. The report is based on a poll of key market participants and the impact of the IMF review, global oil prices, foreign exchange inflows, and FDI on the exchange rate.

According to the IMF’s assumptions⁴, the average exchange rate could be less than Rs300 to a dollar by June 2024. This rate is lower than the previous IMF estimate in July 2023, and reflects the government’s budget projections and the recent recovery of the rupee.

According to market analysts, there is a lot of uncertainty and variation in the predictions, and the actual exchange rate may differ from these estimates depending on the economic and political situation in Pakistan and the world. Therefore, they say, it is advisable to check the latest updates and trends before making any financial decisions based on the exchange rate.

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