KARACHI – Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan has predicted that Pakistani rupee will strengthen further as the US Dollar is likely to drop below Rs250 mark.
In a TV program, Malik Bostan cited multiple factors contributing to the positive trend. He pointed out that the rising global interest in Pakistan’s domestically developed JF-17 fighter jets could play a pivotal role in depreciation of the Dollar.
He noted that at least 15 countries have shown keen interest in importing these fighter jets, which could significantly reduce the Dollar’s value against the Pakistani Rupee.
He said there arestrong possibilities of the Dollar falling below the Rs250 mark.
Bostan also highlighted other contributing factors, including a substantial rise in defense exports and a robust recovery in Pakistan’s stock market.
He pointed out that the stock market has surged from 46,000 points to nearly 185,000 points, indicating growing investor confidence in the economy.
PKR vs USD
Over the past six months, the US Dollar has already depreciated by about Rs9, from over Rs290 to around Rs281.
Malik Bostan dismissed claims that the current stability of the Pakistani rupee is temporary and stressed that the real value of the rupee against the US Dollar should be under Rs250 .
Additionally, Bostan commended the government for improving Pakistan’s foreign exchange reserves, which had been under $3 billion in 2022 but now stand at around $22 billion.
While hailing the economic revival, Bostan recalled that just a few years ago, there were fears that the Dollar could reach Rs500, but now it is being expected that the foreign currency would drop below Rs250.
