According to the data released by the State Bank of Pakistan, the local unit appreciated 0.09 or 0.04% against the greenback during the trading session
The Pakistan Rupee is expected to trade at 222.41 by the end of this quarter, according to Trading Economics’ global macro models and analysts expectations. Looking forward, we estimate it to trade at 232.02 in 12 months’ time.
Amid the growing optimism about the revival of a suspended International Monetary Fund (IMF) bailout package later this month, the Pakistani rupee continued its winning streak against the US dollar for the eleventh consecutive day today and closed at 213.90 in the interbank market on Tuesday.
According to the data released by the State Bank of Pakistan (SBP), the local unit appreciated 0.09 or 0.04% against the greenback during the trading session.
Despite shrinking foreign exchange reserves, the rupee has continued to recover against the greenback as the supply of foreign currency increased consistently compared to its demand in the system.
Exporters are selling dollars in the market amid the rupee’s appreciation. Earlier, they withheld dollar supplies in anticipation of more depreciation of the local currency.
The uptrend is driven by growing optimism about the revival of a suspended International Monetary Fund (IMF) bailout package later this month as the government has successfully completed the requirements for the release of $1.17 billion in funds.
What is the future of the Pakistani currency?
In its Pakistani rupee forecast for 2022 (as of 8 August), the data provider expected the USD/PKR exchange rate to move to 226.99 by the end of this quarter and hit 236.60 in 12 months’ time, according to global macro models and analysts expectations.
Bringing in foreign currencies is permitted without any limit. A passenger can bring any amount of any foreign currency to Pakistan. Taking out foreign currencies is permitted up to US $ 10,000 un-conditionally.