• About
  • Team
  • Advertise
  • Terms
  • Privacy Policy
  • Contact
INCPak
  • World
  • National
    • Islamabad
    • Azad Kashmir
    • Balochistan
    • Khyber Pakhtunkhwa
    • Gilgit Baltistan
    • Sindh
    • Punjab
    • FATA
  • Automotive
  • Tech
    • Tech News
    • Custom Roms
    • Tips & Tricks
    • INCPak Roms
    • Reviews
    • Phone Reviews
    • Stock ROMs
    • What’s new?
    • Computer Stuff
  • Business
  • Education
  • Entertainment
  • Information
  • Fashion
  • More
    • Fun Time
      • Kids Corner
      • Poems
      • Stories
    • Health
    • Editorial
    • Travel
    • Beauty
    • Food
    • Music
    • Movies
    • Sports
    • Documentaries
    • Personalities
    • History
    • Economy
    • Emergency Numbers
No Result
View All Result
  • World
  • National
    • Islamabad
    • Azad Kashmir
    • Balochistan
    • Khyber Pakhtunkhwa
    • Gilgit Baltistan
    • Sindh
    • Punjab
    • FATA
  • Automotive
  • Tech
    • Tech News
    • Custom Roms
    • Tips & Tricks
    • INCPak Roms
    • Reviews
    • Phone Reviews
    • Stock ROMs
    • What’s new?
    • Computer Stuff
  • Business
  • Education
  • Entertainment
  • Information
  • Fashion
  • More
    • Fun Time
      • Kids Corner
      • Poems
      • Stories
    • Health
    • Editorial
    • Travel
    • Beauty
    • Food
    • Music
    • Movies
    • Sports
    • Documentaries
    • Personalities
    • History
    • Economy
    • Emergency Numbers
No Result
View All Result
INCPak
No Result
View All Result

Pakistani Rupee rises highest in 6 months, Dollar drops

by Ali Gulrez
Dec 9, 2019
in National
0

Pakistani rupee shows steady signs of recovery as US dollar drops and Pakistani rupee hits it’s highest value in the last 6 months being traded at Rs. 154.95 against US dollar at the interbank market today. Back in June, rupee was being traded at 164.05 against US dollar.

Pakistani Rupee Dollar Drops
Pakistani rupee rises as US dollar falls.

Malik Bostan, the president of the Forex Association of Pakistan said:

We traded dollar at Rs154.70 as lowest and Rs155 as the highest rate during the day. These were lowest prices since it touched Rs164,

One of the biggest reasons is that the country has come out from huge current account deficit of $20 billion in fiscal year 2018 and now[in] October, [it] posted a surplus for the first time after four years,

Pakistan rupee hit an all time low in June this year when it was traded at 164.05 against US dollar but it soon started recovering and Pakistani rupee appreciated by 5.67 percent against the dollar.

According to experts, the rise in remittances increased the inflow of US dollars while demand for dollar dropped locally leading to the price of dollar to drop. According to experts, rupee is likely to rise higher in the coming days and dollar will depreciate further.

As a result of the dollar falling against the rupee, the foreign debt owed to Pakistan has also dropped by $976 billion.

Experts and Economists say that dollar will continue to gradually fall as a result of fall in demand by investors and the public in general. The rise in dollar previously attracted these people to invest in dollar more resulting in prices for dollar going much higher.

The Asian Development Bank on Friday also approved $1.3 billion of policy based loans to Pakistan. $1 billion for supporting the budget to help the economy and $300 million for the energy sector.

The Moody Investor Service has also changed Pakistan’s debt rating status from negative to stable as a result of a stabilizing economy and the current policies being put in place.

They made a statement saying:

The change in outlook to stable is driven by Moody’s expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility.

Read more: National Science and Technology Park inaugurated by PM Khan

Follow INCPAK on Facebook / Twitter / Instagram  for update

Tags: BusinessCurrencyDollarFeaturedForexPakistani rupeeUS dollar
ShareTweetSend

Related Posts

Petrol Prices in Pakistan, Petrol Price in Pakistan, Petrol Prices, Petrol Price, Diesel Price, OGRA
Islamabad

Latest Petrol Prices in Pakistan – 1 April 2023

Mar 31, 2023
Hajj Application Deadline, Application Deadline Hajj, Hajj Application
Islamabad

Govt Extends Application Deadline For Regular Hajj and Sponsorship Scheme

Mar 31, 2023
Sindh Public Holiday, Sindh Holiday, 4 April, Zulfiqar Ali Bhutto
National

Sindh Govt Announces Public Holiday on 4 April

Mar 30, 2023
Sindh Govt Employees to Get Advance Salary and Pension Ahead of Eid ul Fitr
National

Sindh Govt Employees to Get Advance Salary and Pension Ahead of Eid ul Fitr

Mar 30, 2023
Petrol Prices, Petrol Prices in Pakistan
Islamabad

Petrol Prices Likely to See Reduction During Next Fortnight

Mar 30, 2023
Utility Stores CNIC, Utility Stores
Islamabad

Utility Stores No Longer Require Citizens to Bring CNIC

Mar 29, 2023
Balochistan Green Bus Service, Quetta Green Bus Service
Balochistan

Balochistan to Launch Green Bus Service in Quetta

Mar 29, 2023
Rain, Weather Update, Rain Pakistan
Islamabad

Weather Update: PMD Predicts Another Spell of Rain Across Pakistan

Mar 27, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

  • Gold Rate in Dubai UAE Today – 1 April 2023
  • Gold Rate in Pakistan Today – 1 April 2023
  • Latest Petrol Prices in Pakistan – 1 April 2023
  • Petrol Prices in UAE – 1 April 2023
  • Meezan Bank Surpasses $1.5 billion Deposit Inflows Under RDA
  • Govt Extends Application Deadline For Regular Hajj and Sponsorship Scheme
  • Latest Yamaha Bike Prices in Pakistan From 1 April 2023
  • Latest Honda Motorcycle Prices in Pakistan – 1 April 2023
  • Honda Atlas Extends Production Shutdown
  • Interbank Closing Currency Exchange Rates in Pakistan – 31 March 2023

INCPak Official logo

INCPak Official Logo
Independent News Coverage Pakistan (INCPAK) delivers the latest updated news on Current Affairs, Business, Sports, Entertainment, and Technology in Pakistan

Trending

  • Petrol Prices in Pakistan
  • USD to PKR Rates
  • MTMIS – Online Vehicle Verification
  • Ehsaas Program
  • Punjab Rozgar Scheme
  • Naya Pakistan Housing Program
  • Mera Pakistan Mera Ghar Loan
  • About
  • Team
  • Advertise
  • Terms
  • Privacy Policy
  • Contact

© 2023 Independent News Coverage Pakistan - Site is Powered by INCPak Team INCPak Team.

No Result
View All Result
  • World
  • National
    • Islamabad
    • Azad Kashmir
    • Balochistan
    • Khyber Pakhtunkhwa
    • Gilgit Baltistan
    • Sindh
    • Punjab
    • FATA
  • Automotive
  • Tech
    • Tech News
    • Custom Roms
    • Tips & Tricks
    • INCPak Roms
    • Reviews
    • Phone Reviews
    • Stock ROMs
    • What’s new?
    • Computer Stuff
  • Business
  • Education
  • Entertainment
  • Information
  • Fashion
  • More
    • Fun Time
      • Kids Corner
      • Poems
      • Stories
    • Health
    • Editorial
    • Travel
    • Beauty
    • Food
    • Music
    • Movies
    • Sports
    • Documentaries
    • Personalities
    • History
    • Economy
    • Emergency Numbers

© 2023 Independent News Coverage Pakistan - Site is Powered by INCPak Team INCPak Team.