Pakistani Rupee Gaining Value Against US Dollar
Pakistani Rupee is gaining value day by day against US dollar. It is one of the rarest cases public has witnessed. In last two weeks, Pakistani Rupee has gained the value of more than PKR5 against dollar. In October 2013, dollar had reached its peak when it was sold for PKR110. Now, a dollar can be bought for less than PKR100.
This development took place after the statement of Federal Finance Minister, Ishaq Dar. He stated that we will try to make sure that dollar is sold at the price we had in 1998. It seems that it will happen if Pakistani Rupee continues with improvement in this regard. On daily basis, the value of dollar is going down as compared with Pakistani Rupee. Today’s Forex rate for buying dollar is PKR99 which is the lowest of the year.
According to the experts, Pakistani currency will gain value for few days but dollar might gain its value in July after the declaration of fiscal budget of Pakistan. Critics say that the improvement is due to the aid which has come from Saudi Arabia but we can not rely on money coming from Saudi Arabia for upcoming months.