Pakistani Rupee Future Prediction 2024 | USD To PKR Forecast For Next 30 Days

Pakistani Rupee Future Prediction: Recently released official data from the State Bank of Pakistan (SBP) has unveiled a tale of unchanging exchange rates in both the interbank and open markets, triggering keen interest and anticipation regarding the future of the Pakistani Rupee.

Recommended Reading: Amazon Launches First Internet Satellite Prototype {Project Kuiper}

Pakistani Rupee Future Prediction | USD To PKR Forecast

Interbank and Kerb Markets Exchange Rate Not Changed
Interbank and Kerb Markets Exchange Rate Not Changed

Table of Contents

Consistent Dollar Rate:

The State Bank of Pakistan’s data, disclosed on Friday, reveals that the dollar rate remained constant at Rs278.80, mirroring the previous day’s closing rate of Rs278.81. Furthermore, the open market maintained stability with an unaltered exchange rate of Rs280, day after day.

Strengthening Local Currency

The Pakistani Rupee has exhibited resilience against the US dollar, owing its newfound strength to extensive efforts against hoarding and illegal dollar smuggling. This multi-agency crackdown has facilitated an impressive 28-day streak of the Rupee gaining ground against the greenback. This significant shift saw the exchange rate drop from its peak of slightly over Rs307 on September 5th to a noteworthy Rs277 by October 17th.

Recommended Reading: Elon Musk X (Twitter) Will Charge 1$ {New Zealand+Philippenes}

Recent Rupee Pressure

Despite the positive trend in exchange rates, this winning streak met its end earlier in the week. The underlying cause was the Rupee’s vulnerability to external influences, particularly dollar payments.

International Bond Impact

Pakistan recently issued a six-month coupon-denominated Eurobond, alongside interest payments on its dollar-denominated debt. These financial moves have the potential to substantially affect the exchange rate.

Expert Analysis

Tahir Abbas, the Head of Research at Arif Habib Ltd, has offered valuable insights into the Rupee’s future trajectory. He envisions a trading range of Rs275-280 for the Rupee in the days to come, highlighting the need for consolidation.

IMF Review’s Influence

A pivotal factor shaping the Rupee’s future is the forthcoming review of Pakistan’s loan program by the International Monetary Fund (IMF), scheduled for November. The outcome of this evaluation could significantly influence the Rupee’s direction.

Export and Remittance of Data

The forthcoming data on export proceeds and overseas workers’ remittances will serve as key determinants of the Rupee’s future trajectory. These economic indicators wield considerable influence over the value of the Pakistani Rupee.

Real Effective Exchange Rate

To gauge the Rupee’s strength relative to a basket of currencies, analysts often reference the real effective exchange rate. In September, this index stood at 91.72, marking a noticeable increase from August’s figure of 90.04.

Recommended Reading: Rupee Bounces Back Against Dollar | Rupee Strengthens Against Dollar

FAQs | Interbank and Kerb Markets Exchange Rate

What is the current dollar rate according to the State Bank of Pakistan (SBP) data, and how has it changed recently?

The current dollar rate, as per SBP data, stands at Rs278.80. It remained unchanged from the previous day’s closing rate of Rs278.81.

How stable is the open market exchange rate, and what is its current value?

The open market exchange rate has remained stable, standing at Rs280 on a day-to-day basis.

Can you explain the recent strengthening of the Pakistani Rupee against the US dollar?

The Pakistani Rupee has shown strength due to concerted efforts to combat hoarding and smuggling of dollars. This has led to 28 consecutive sessions of the Rupee gaining ground against the US dollar, reducing the exchange rate from over Rs307 on September 5th to Rs277 on October 17th.

Why did the recent winning streak of the Rupee come to an end?

The winning streak ended due to pressure on the Rupee caused by dollar payments, demonstrating the Rupee’s sensitivity to external factors.

How do international bonds and debt interest payments impact the exchange rate?

The issuance of a six-month coupon-denominated Eurobond and interest payments on dollar-denominated debt can significantly affect the exchange rate.

Recommended Reading: SadaPay Enables Apple Pay In Pakistan For Freelancers | SadaBiz

Thanks for reading! If you like this article, Share this job with your friends and family.

If you have any queries regarding this particular job or any other job feel free to contact us at our official email

Add a Comment

Your email address will not be published. Required fields are marked *