Saturday, November 28, 2020  | 11 Rabiulakhir, 1442
Samaa TV
Facebook Twitter Youtube
HOME > Money

Dollar jumps two rupees in a day

Experts say this hike is temporary

SAMAA | - Posted: Nov 18, 2020 | Last Updated: 1 week ago
SAMAA |
Posted: Nov 18, 2020 | Last Updated: 1 week ago
Dollar jumps two rupees in a day

The dollar in the open market jumped nearly two rupees on Wednesday to cross the Rs160 mark, according to rates shared by the Exchange Companies Association of Pakistan (ECAP).

The dollar rate stood at Rs158.25 on Tuesday in the open market. Exchange companies were selling dollars for Rs160.20 on Wednesday.

“This is a short-term hike,” said Zafar Paracha, general secretary of the ECAP. “Other important factors show that the dollar will drop again.”

Paracha added that the State Bank of Pakistan has taken initiatives that have paved the way for foreign exchange to come into the banking channel, such as the Roshan Digital Accounts.

Related story: How long will the dollar rate keep dropping?

He added that Pakistan has strong dollar inflows due to improved remittances.

“There are some speculations in the market. And some negative news, such as the UAE may not be letting Pakistanis into the country, has affected the market sentiments today,” Paracha explained the sharp decline in the dollar rate on Wednesday.

“According to my assessment, the dollar will drop to Rs157. I wouldn’t be surprised if it drops to Rs155,” he said.

Last month saw the dollar value against the rupee dropping.  

According to experts, the dollar is losing steam internationally and it’s not just the Pakistani rupee that has been appreciating – the Pound and Euro are on the rise as well.

But in Pakistan, several other factors have also been in play, not just the dollar’s international standing. Remittances have increased and the current account has also been in surplus for four straight months.

FaceBook WhatsApp
 
HOME  
 
 
RELATED STORIES

Tell us what you think:

Your email address will not be published.

FaceBook WhatsApp
 

 
 
naya pakistan housing scheme,naya pakistan Housing, naya pakistan housing scheme loan, naya pakistan housing scheme loan 2020, naya pakistan housing scheme loan, naya pakistan housing scheme payment plan, naya pakistan housing scheme Karachi, naya pakistan housing scheme karachi, naya pakistan housing scheme payment plan, naya pakistan housing scheme registration, Naya Pakistan Housing, prime minister house loan scheme in pakistan, home loan calculator pakistan, housing loan scheme by prime minister, application for house building loan, house building loan for govt employees in pakistan, home loan scheme, personal loan against property in pakistan, which bank is best for house loan in pakistan
 

Monthly Salary

Monthly Tax

Monthly Salary After Tax

Annual Salary

Annual Tax

Annual Salary After Tax


MOST READ
MOST READ
Sindh orders mandatory 50% work from home
Sindh markets to remain open till 8pm
Video: Moving car catches fire on Karachi’s Sharae Faisal
HEC abolishes two-year bachelors’ degrees
PTM’s Moshin Dawar quits PDM
Won’t shut down factories, promises PM Khan
Five suspected robbers shot dead in Karachi’s DHA
 
 
 
 
 
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs   |   Authors   |   Comment Policy
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp