Weekly Review: Rupee to remain stable on budget hopes
Weekly Review: Rupee – The money market is expected to maintain its current level against the dollar next week due to reports on the back of positive sentiments of various relief measures regarding duty and taxes in the forthcoming budget 2021/22.
The government is scheduled to announce the Federal Budget 2021/22 on June 11 (Friday). Finance Minister Shaukat Tarin has recently said on a number of occasions that the government plans to incentivise exports by reducing the rate of duty and taxes on the import of raw materials.
The latest statistics showed the trade deficit of the country ballooned 30 per cent during the first 11 months (July-May) 2021/22.
Besides, the inflows in the shape of export receipts and workers remittances would also help the local currency remain stable against the greenback. However, there is a likelihood that the concerns about the rupee depreciation would remain intact due to high import payments in the last days of the current fiscal year.
The inflows, however, continued an upward trend, as the country witnessed an increase of $278 million to $23.29 billion by the week ended May 28. Meanwhile, the official reserves maintained by the State Bank of Pakistan (SBP) also increased to $16.13 billion during the week.
Weekly Review: Rupee
The exports registered an increase of 14 per cent to $22.56 billion during the period, while the import bill surged 22 per cent to $49.84 billion. During the week (May 31–June 4), the rupee lost 22 paisas against the dollar, owing to the official statements regarding the projection of GDP growth at 3.94 per cent, enhancing the demand for imported goods.
The local currency witnessed a gain of Rs13.43, or 8 per cent, against the dollar during the current fiscal year (July 1, 2020-June 4, 2021). On June 30, 2020, the exchange rate was registered at Rs168.05 against the US dollar. The rupee closed at Rs154.62 against the dollar in the inter-bank market on Friday.
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