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Pakistan's rupee has staged a smart recovery against the US dollar

AZADPAKISTAN2009

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Pakistan's rupee has staged a smart recovery against the US dollar on positive economic indicators, and experts believe it will continue its upward trend despite some challenges ahead.



Analysts and market experts said the currency will be a major beneficiary of higher GDP growth, rising foreign exchange reserves and consistent remittances inflows of over $2 billion during the first eight months of the current 2020-21 financial year.


The rupee has so far appreciated 1.7 per cent against the dollar this year and closed at 157.12 on the interbank market on Friday. Against the UAE dirham, it ended slightly up at 42.77 against 43.6 on January 8, reflecting an appreciation of 1.9 per cent.

“The Pakistani rupee has returned to stability chiefly due to higher remittances, debt relief on account of Covid-19 payment relief plan and economic rebound in the country,” experts said.

Latest central bank data indicates that Pakistan’s economy is expected to post 2.5 per cent GDP growth in the current fiscal year ending June 2021 after contracting 0.4 per cent last year as the government’s policy measures start yielding positive results.









Analysts and market experts said the currency will be a major beneficiary of higher GDP growth, rising foreign exchange reserves and consistent remittances inflows of over $2 billion during the first eight months of the current 2020-21 financial year.

The rupee has so far appreciated 1.7 per cent against the dollar this year and closed at 157.12 on the interbank market on Friday. Against the UAE dirham, it ended slightly up at 42.77 against 43.6 on January 8, reflecting an appreciation of 1.9 per cent.

“The Pakistani rupee has returned to stability chiefly due to higher remittances, debt relief on account of Covid-19 payment relief plan and economic rebound in the country,” experts said.

Latest central bank data indicates that Pakistan’s economy is expected to post 2.5 per cent GDP growth in the current fiscal year ending June 2021 after contracting 0.4 per cent last year as the government’s policy measures start yielding positive results.
 

TheSnakeEatingMarkhur

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Pakistan's rupee has staged a smart recovery against the US dollar on positive economic indicators, and experts believe it will continue its upward trend despite some challenges ahead.



Analysts and market experts said the currency will be a major beneficiary of higher GDP growth, rising foreign exchange reserves and consistent remittances inflows of over $2 billion during the first eight months of the current 2020-21 financial year.

The rupee has so far appreciated 1.7 per cent against the dollar this year and closed at 157.12 on the interbank market on Friday. Against the UAE dirham, it ended slightly up at 42.77 against 43.6 on January 8, reflecting an appreciation of 1.9 per cent.

“The Pakistani rupee has returned to stability chiefly due to higher remittances, debt relief on account of Covid-19 payment relief plan and economic rebound in the country,” experts said.

Latest central bank data indicates that Pakistan’s economy is expected to post 2.5 per cent GDP growth in the current fiscal year ending June 2021 after contracting 0.4 per cent last year as the government’s policy measures start yielding positive results.









Analysts and market experts said the currency will be a major beneficiary of higher GDP growth, rising foreign exchange reserves and consistent remittances inflows of over $2 billion during the first eight months of the current 2020-21 financial year.

The rupee has so far appreciated 1.7 per cent against the dollar this year and closed at 157.12 on the interbank market on Friday. Against the UAE dirham, it ended slightly up at 42.77 against 43.6 on January 8, reflecting an appreciation of 1.9 per cent.

“The Pakistani rupee has returned to stability chiefly due to higher remittances, debt relief on account of Covid-19 payment relief plan and economic rebound in the country,” experts said.

Latest central bank data indicates that Pakistan’s economy is expected to post 2.5 per cent GDP growth in the current fiscal year ending June 2021 after contracting 0.4 per cent last year as the government’s policy measures start yielding positive results.
From Azad Chaiwala bahi says this Azad Pakistan bahi

 

RealNapster

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With rupee getting stronger day by day, I am sure our GDP figure is also increasing which came to as low as $265 billion from $313 billion because of drop in rupee value. What is the latest figure in USD ??

Edit : okay. So it's $284 billion now. Good. I expect it to touch $300 again this year Inshallah. Because rupee is expected to get more strong and will come to a point of 1$ = 145-7 rupees by the year end Inshallah.
 
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With rupee getting stronger day by day, I am sure our GDP figure is also increasing which came to as low as $265 billion from $313 billion because of drop in rupee value. What is the latest figure in USD ??

Edit : okay. So it's $284 billion now. Good. I expect it to touch $300 again this year Inshallah. Because rupee is expected to get more strong and will come to a point of 1$ = 145-7 rupees by the year end Inshallah.
i think the rupee will get a bigger boost if we get out of the FATF grey list this year Inshallah.
 

RealNapster

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i think the rupee will get a bigger boost if we get out of the FATF grey list this year Inshallah.
I don't think so. Because currently we are not facing any financial restrictions due to grey list which will be ended with removal from the list. Though in long run it will convince companies like PayPal to launch services in Pakistan which will be huge deal as I freelancing we are on third and online worldwide shops concept (through Amazon and Alibaba and likes) are also increasing in Pakistan. This will ultimately increase our exports and increase revenues. But the direct impact on the occasion will be minimal.
 
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I don't think so. Because currently we are not facing any financial restrictions due to grey list which will be ended with removal from the list. Though in long run it will convince companies like PayPal to launch services in Pakistan which will be huge deal as I freelancing we are on third and online worldwide shops concept (through Amazon and Alibaba and likes) are also increasing in Pakistan. This will ultimately increase our exports and increase revenues. But the direct impact on the occasion will be minimal.
but being in the white list will attract foreign investment, jobs, GDP growth, and that would make the rupee stronger.
 

Sugarcane

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That's good sign - But In my opinion government should intervene if it reach near 150 and shouldn't let rate slide below 150 to keep exports competitive, and import of unnecessary items expensive to discourage import of such things. For necessary products and services, and raw materials (which can't be produced locally), government should use incentives / subsidies / reduction in taxes etc. as tool to compensate effect of keeping rupee weaker.
 

RealNapster

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but being in the white list will attract foreign investment, jobs, GDP growth, and that would make the rupee stronger
Which is a long term thing and will happen sometime in future, but not at the point of removal from the list. Hence I said the effect will be observed in coming years.
 

Hakikat ve Hikmet

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With rupee getting stronger day by day, I am sure our GDP figure is also increasing which came to as low as $265 billion from $313 billion because of drop in rupee value. What is the latest figure in USD ??

Edit : okay. So it's $284 billion now. Good. I expect it to touch $300 again this year Inshallah. Because rupee is expected to get more strong and will come to a point of 1$ = 145-7 rupees by the year end Inshallah.
Some credulous folks believe in Pak's "official GDP" figures only to be "surprised" to the death march to the hell...
 
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Which is a long term thing and will happen sometime in future, but not at the point of removal from the list. Hence I said the effect will be observed in coming years.
i get what you are saying, but i am talking about "positive speculation". a country that in the grey list is going to have a currency weaker than it should be. but when it reaches the white list, there will immediately be a little jump because people expect positive things in the future from such an action. its like a company wins a contract, the share price immediately goes up even though work on the the first target of the contract hasnt even begun.
 

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