Wait-and-see for Pakistani rupee: Will it touch 40 vs dirham?

Wait-and-see for Pakistani rupee: Will it touch 40 vs dirham?

The Pakistani rupee is expected to appreciate further in the near future but its movement will largely depend on how the country manages its current account numbers, say analysts.

Some believe that the South Asian currency will stablise around the current level of 43 versus the UAE dirham, or 160 against the US dollar, following an over-three-month rally on the back of a surge in remittances and decline in current account deficit.

The Pakistani currency has risen 6.5 per cent, or Rs2.5, versus the dirham since August 26. It rose from Dh45.8 on August 26 to 43.0 on November 17. However, it lost some ground in the last few days and fell to 43.34 against the UAE currency on Thursday.

Pervez Khan, global treasurer at Askar Bank, told Bloomberg that the direction of the Pakistani currency will depend on upcoming current account numbers, while some analysts believe that it has lost steam and will likely trade at current levels.

SOURCE/CREDIT: KHALEEJ TIMES

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