Rupee likely to remain stable next week

24
Dollar
Observer Report
Islamabad

The rupee is expected to maintain the current levels against the dollar next week, owing to foreign inflows and planned incentives to remittances.

However, rising import payments after the ease in restrictions related to the coronavirus would increase the demand for the dollars.

The exports of the country reached an all-time high of $25.26 billion during the fiscal year 2020/21.

Further, the country exports goods worth $2.69 billion in June 2020, which is the highest-ever in any month.

Recently, Prime Minister Imran Khan has directed the authorities to incentivise remittances by offering a loyalty programme to the overseas Pakistanis. Under the programme, certain benefits would be offered to the expatriates.

The inflows of remittances registered 29.4 per cent growth to $26.7 billion during the first 11 months (July-May) 2020/21 as against $20.6 billion in the same period of the last fiscal year. The local currency may also get support from improved balance of payments.

 

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