According to the report of Dharti News, dollar the continuous depreciation in recent weeks has brought the value of the rupee closer to the level of the early weeks of 2020.
The dollar fell below Rs 158 in the open market on Saturday but remained slightly above Rs 158 in the interbank market which closed on Friday.
In this regard, the President of the Forex Association of Pakistan, Malik Bostan, said that the post-election uncertainty in the United States weakened the US dollar internationally.
Looking at other foreign currencies, the euro was 1.17 dollar on October 1, which reached 1. 1.18 on November 14, while the British pound, which was 1.29 dollar on October 1, reached 1. 1.31 on November 14.
The dollar continued to flow during the week, creating a surplus in the open market, with exchange companies reportedly depositing 12 million in banks every day.
On the other hand, currency dealers and experts predict further appreciation of the rupee against the dollar, while some bankers say surplus remittances and the impact of the corona virus on global markets have boosted the local currency.
However, increasing cases of code 19 in the United States, Europe and Pakistan could reduce export earnings.
Keep in mind that the exchange rate gradually stabilized after the dollar rose in the last week of August.
The dollar was trading at Rs 157.80 in the open market on Saturday, while on Friday it had gone up to Rs 157.50.
On the other hand, the credit for stabilizing the exchange rate was taken by the State Bank of Pakistan. Governor SBP Dr. Raza Baqir claimed that the central bank played an important role in providing assistance for remittances while its free market mechanism Assisted in stabilizing the exchange rate.
He claimed that this is the first time that the rupee has been moving in both directions, ie declining as it rises, which is proof that the exchange rate now depends on the market.