ISLAMABAD: The Pakistani rupee in open market rises to its five-month high as demand for the dollar fall owing to decline in imports.
Increase in dollar from lending agencies and foreign investment in rupee also helped stabilise the rupee-dollar parity.
The dollar was traded as low as 154.70 rupees in the open market on Saturday which was much lower as compared to 164 rupees on June 26 this year.
Currency dealers foresee the rupee to rise further in coming months in the wake of higher inflows of dollars and increased attraction of local currency.
On Nov 23, Prime Minister Imran Khan had said value of the Pakistani currency had increased by four rupees against dollar.
“During the last four months, Current Account Deficit has come to an end and as a result of this, value of rupee has increased by four rupees,” PM Khan had said in a post on his Facebook account.
The economic progress had been achieved because of the measures taken by the government to stabilize the economy, he had said. “I am proud of my economic team.”
In second week of October, the Pakistani rupee had maintained its surge against the US dollar in foreign exchange.
The rupee had gained 11 paisa in interbank against the dollar for buying and selling at Rs156.06 and Rs156.08 respectively, the State Bank of Pakistan (SBP) had reported.
However, according to Forex Association of Pakistan, the buying and selling rates of dollar in the open market were recorded at Rs155.80 and Rs156.30, with dollar shedding 10 paisa.