Dollar hit five-month low in Pakistan trading

The Pakistan’s economy seems to be stepping out of trouble and heading towards stability.

From the stock market to the currency market and the current account deficit, international credit rating agencies are all talking about economic stability of Pakistan.

The rupee strengthened against the dollar and reached at five-month high. Currency dealers are expecting to receive a large amount of dollars from outside countries in the coming days, after which the value of the dollar will decline further.

On Saturday, the dollar was trading at Rs 154.70, the lowest level in the last five months.

Also read: US appreciates Pakistan’s outlook by Moody’s

In June 2019, the dollar was trading at the highest level in history at Rs 164.

According to forex exchange dealer Malik Bostan, the apparent decline in the current account deficit is seeing an increase in the value of the rupee. He added that now people have started selling dollars.

The apparent decline in loans and imports from the IMF and the Asian Development Bank has also played an important role in stabilizing the value of the rupee.