Observer Report
Karachi
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said policies of the central bank are paying dividends.
The rupee is strengthening against the dollar which is reducing loans and inflation while remittances are increasing which are consolidating forex reserves which is encouraging.
Mian Zahid Hussain said that on August 6 the dollar was traded at Rs168.44 in the local market but now it is available at Rs158.49 as the country has seen a current account surplus after five years.
He said that loans from the IMF, World Bank and Asian Development Bank to tackle pandemic has also supported rupee while fall in the value of dollar on a global scale was also a reason.
The veteran business leader noted that dollar can regain lost value after US elections while rupee can come under pressure if Pakistan decided to repay two billion dollars of Saudi loan.
