Islamabad (mnm.com.pk) The US bank was selling at Rs 153.2 in the interbank market overnight after losing Rs 8.8, the lowest level in nearly two years.
"Foreign exchange inflows are good, so current accounts and remittances are better," said Raza Jafari, head of Equity Intermarket Securities. "It looks like the rupee will appreciate in the short term."
However, Jaffery said that once the corona virus epidemic is over, the rupee will fall into a mode of decline once things return to normal.
When things get back to normal, oil prices can rise, so can imports, and we will return the rupee under pressure.
"The sentiment of the market is that the dollar will further push up its value," said Zafar Paracha, secretary of the Association of Exchange Companies of Pakistan.
During March, the dollar depreciated by Rs 4.7, or 3%, from Rs 147.10.
"When the market behaves like this, sales start, which puts further pressure on the dollar," he said. "That's what happens when the market expects the dollar to rise, people start buying, and then the dollar rises."
According to the ECAP secretary, this market sentiment is due to inward remittances and low overseas remittances.
Faizan Ahmed, head of research at BMA Capital, also said that the dollar fluctuated between Rs 152 and Rs 155. Sees.
he said. "Recently, it has also played a role in the falling value of the dollar."
During the first eight months of the fiscal year 2021, the current account showed a surplus of 88 881 million, compared to a deficit of 2. 2.74 billion
Ahmed added that contrary to market expectations, internal remittances have also improved.
Remittances in the first eight months of the fiscal year 2021 (July-February) stood at 18 18.7 billion, up 24% from the same period last year.
Ahmed, meanwhile, said Pakistan was going to issue 3 3 billion in Eurobonds in the international market, which would further increase dollar reserves along with the World Bank and IMF movements.
The State Bank of Pakistan has recently announced that remittances through Roshan Digital Accounts have crossed 6 650 million in eight months.
So far the answer is less because people are learning," Paracha said. This includes both overseas and bank staff. The SBP needs to conduct more awareness programs to harness its true potential.
"I estimate that remittances and investments through bright digital accounts could increase to 1 1 billion per month in a few years," he added.
Source: SAMAA TV
