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• US dollar is expected to fall below Rs 160 this month.
• Large numbers of Pakistanis are sending money to the country through the Roshan Digital Pakistan account, at the moment people are selling dollars in large numbers but purchases are very low.
• The fall in the value of the dollar will also reduce the pressure on Pakistan’s foreign debt by Rs 700 billion, compared to the same year in August 2020.

 

Dollar likely to fall below Rs 160 soon

 

Large numbers of Pakistanis are sending money to the country through Roshan Digital Pakistan account, at the moment people are selling dollars in large numbers but purchases are very low, says Forex Association Bostan Malik .

 

Rupee appreciates, dollar likely to fall below Rs 160 soon

 

US dollar is expected to fall below Rs 160 this month. According to the details, the president of the Forex Association Bostan Malik said that the dollar will fall below Rs 160 in the month of October itself, because remittances from abroad saw a record increase, where the government started Through the Roshan Digital Pakistan account,

Large numbers of Pakistanis are sending money to the country, where in the past one week 100 million daily visits were made to Pakistan which has now increased to Rs. 300 million, apart from the announcement of Roshan Digital.

 

Large numbers of people are selling dollars but purchases have dwindled, with  10 to 12 million a day being sold at money exchange counters being given to the government of Pakistan while Pakistan’s economy and the current dollar continue to depreciate due to the improvement in the account deficit. The dollar has depreciated by more than Rs 6 in the last one month, compared to Rs 168 at one point in September. Now it has come down to 162.

 

On the other hand, the US dollar fell to a five-month low against the Pakistani rupee. Since August this year, the dollar has depreciated by Rs 6, 53 paise.

According to details, the Pakistani rupee has started strengthening against the US dollar, after which the dollar has lost 23 paise in the interbank market, after which the dollar has been trading at Rs 161.90, the highest in the last five months when the dollar fell to its lowest level against it.

The main reason is said to be the increase in remittances sent by migrants. The fall in the value of the dollar will also reduce the pressure on Pakistan’s foreign debt by Rs 700 billion, compared to the same year in August 2020. The US dollar had reached a record high of Rs 168.43 a month.

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