According to the latest reports, the fresh value of Pakistan rupee is Rs 154 against the US dollar.
ISLAMABAD: (Urdu Point/Pakistan Point News-Jan 15th, 2020) Pakistani rupee gained strength by 20 paisa against the US Dollars in open market here on Wednesday morning. The fresh value of Pakistan rupee is Rs 154 against the US dollar, the reports emerging from the trading companies showed. The local currency, they indicated, got stable in the interbank market against the greenback with trading of Rs 154. 83. The ease in conflict of middle East and the US also contributed to the emerging market Currency movement. Besides it, the signing of phase-one trade deal between the US and China later this week also pushed the market trading to a particular direction. The reports said that owing to the decline in imports, the apparent change in the rate between the Dollar and the rupee was also due to falling demand for the greenback. The increase in dollar from lending agencies and foreign investment in the government papers helped stabilise rupee-dollar parity. The currency dealers also predicted that the rupees would rise further in coming months in the wake of higher inflows of dollars and increased attraction of local currency.
The greenback had traded at Rs139 in the interbank on Dec 31, 2018, as compared to Rs154.94 on Dec 31, 2019; thus showing a devaluation of almost Rs16 per dollar or 11.5 percent. The dollar dominated the country’s trade in 2019 appreciated by 11.5 percent.
Against Euro, the rupee observed similar trend and declined by 8.76 percent, as it was sold at Rs159.80 on Dec 31, 2018 and depreciated to Rs173.80 on Dec 31, 2019, a year later. The rupee lost Rs14 per euro in 2019.
It may also be mentioned here that Pakistan’s foreign exchange reserves also rose to more than $17. 29 billion as the State Bank of Pakistan received $ 1. 3 billion from the Asian Development Bank (ADB) while the Central Bank’s reserves rose to $10.41 billion, with reserves of commercial banks of $ 6.88 billion. Foreign exchange reserves increased by $3.10 billion under the current financial year, the reports added.
