"The SBP has started inquiry against those involved let's see what happens next," he added. In response to a question regarding punitive actions taken by the central bank, Boston said some exchange companies were selling at a higher profit rate so the SBP imposed penalties on some of them and closed their ranches but the banks were playing a negative role by opening LCs at higher rates and that was creating panic but the timely intervention of the SBP controlled the situation. Previously, he added, people were selling $10-15 million and now they are selling up to 20-25 million dollars, pounds and riyal daily. “As I said earlier, the dollar rate will come down to 180-190 after the IMF tranche.” Thanking overseas Pakistanis for rescuing the country, Boston said he had predicted that the foreign currency will come down to 185 and appealed to them to invest in the rupee. "We don't have much cash to purchase dollars." “Some people sold dollars at Rs240 and Rs250 and those who were holding back are now selling as well.”Īgreeing with the anchor's assessment, Bostan said people are selling dollars in huge numbers but there are no buyers. 1 US dollar 239.2559 Pakistani rupee the minimum on Thursday, 19 August 2021 1 US dollar 164. The ECAP chairman added that importers were withholding proceeds and they sold out $215 million in the interbank market on August 1 and the same day greenback fell by Rs10. Compare 1 Dollar to Rupee Conversion United States Pakistan, 1 USD to PKR 226.423866 United States Pakistan, 1 US Dollar to Pakistani Rupee 226.423866. account can order up to USD10,000 in foreign currency over 30 days. Pakistan saved from becoming Sri Lanka: Miftah Ismailīostan said that now the IMF official has also said that Pakistan has fulfilled all prior conditions “we will get the tranche. Use our currency converter calculator to see how much foreign currency is needed.IMF programme to resume before month-end: Miftah.Dollar to PKR: Rupee continues to roar higher for ninth consecutive session.ThePrint holds no responsibility for its content. This report is auto-generated from ANI news service. The USD to PKR forecast at the end of the month 243.7, change for December 3.0. Forex reserves stand at USD 7.8 billion - hardly enough for over a month of imports.Įxchange Companies Association of Pakistan (ECAP) General-Secretary Zafar Paracha told Arab News that the local unit’s fall - among other reasons - was due to its smuggling to Afghanistan, where sellers get higher rates. Dollar to Rupee forecast for December 2022. He also cited depleting foreign reserves held by the State Bank of Pakistan (SBP) as a reason for the fall. ![]() Moreover, the UAE has made it mandatory for Pakistani travellers to declare 5,000 dirhams at the airport when landing - leading to an increase in the price of the US dollar in the open market.Įconomist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said the rupee is slipping not only because of the dollar’s global strengthening but also due to recent political developments - causing jitters in the market, reported Geo News. Once Pakistan gets the loan from the IMF, experts are predicting that the country will get additional funds from multilateral and bilateral organisations - giving a further boost to the depleting forex reserves, reported Geo News.Īpart from the pressure of the IMF, the government has also lifted the months-long ban on the import of luxury items and the exports have not increased at desired pace - resulting in pressure on the rupee. ![]() The acting governor hoped that the country’s forex reserves will shore up to USD 16 billion by the end of the current fiscal year 2022-23. In an interview with Bloomberg TV, State Bank of Pakistan Acting Governor Murtaza Syed said that Pakistan is likely to receive a USD 1.17 billion loan tranche from the IMF within six days after the Executive Board’s approval, reported Geo News.Īs per Syed, the country’s forex reserves dropped to USD 8 billion due to delays in the revival of the IMF agreement and external flows.
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