Gohar Ejaz, a federal minister, predicted that the dollar's value could drop to Rs 260 in the future.
He underlined that the currency rate at the moment is Rs 260. Minister Ejaz urged those who had dollars to swap them and advised those who had US dollars to think about formalizing their holdings.
Strict oversight is being used to regulate the dollar's value in order to prevent any unwarranted volatility and smuggling.
In parallel, the value of the rupee has begun to show signs of improvement, primarily as a result of the declining dollar. The dollar dropped in value on the interbank market, falling one rupee and ten paisa, closing at Rs 292.78. The value of the dollar also declined on the open market, where it was traded for Rs 295.
Additionally, the government's foreign exchange reserves have increased significantly thanks to Pakistan's dollar holdings. The government's foreign exchange reserves rose by 108 million dollars in the week ending September 15, according to the State Bank of Pakistan's weekly report on these reserves.
As a result of this increase, government cash reserves now stand at $7,695,050,000. The total reserves, including deposits in commercial banks, were 13 billion 186 million USD as on September 15.