The Pakistani rupee continued its strong performance on Friday, marking the third straight day as dollar drops sharply.
In the interbank market, the dollar dropped by 72 paisas, closing at Rs283.50. In the open market, the greenback fell by Rs1, ending the day at Rs286.60, down from Rs287.60.
This week, the rupee has gained Rs1.50 in the interbank and Rs2.30 in the open market. Experts say this upward trend is likely to continue.
Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP), said exporters are actively selling dollars. They expect the value of the dollar to drop further, so they are converting their holdings into rupees sooner.
Bostan also shared a bold prediction. He believes the dollar might fall to Rs280, or even Rs270, if the trend continues. He advised importers not to panic and to delay large purchases.
According to him, two major actions are supporting the rupee. First, the State Bank of Pakistan (SBP) has stopped buying dollars from the interbank market. Second, the government is taking strict action against illegal money transfers, such as hawala and hundi.
These efforts have helped stabilize the currency and restore confidence in legal dollar transactions.
Currency dealers also noted a surge in market dollar supply, mostly coming from exporters. They believe this selling pressure will keep the rupee strong in the coming sessions.
This consistent gain in the rupee’s value could help ease inflationary pressure and reduce the import bill. However, experts caution that global economic trends and future oil payments could still impact currency stability.
The next few days will be key in determining whether this rally continues or slows down. For now, the rupee is gaining strength, offering some relief to both consumers and policymakers.
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