UAE- Pakistan rupee looking for stable position

2018-07-10 09:08:44

(MENAFN- Khaleej Times) The Pakistan rupee is looking for a stable position in the wake of its recent devaluation.

The latest move by the State Bank of Pakistan is expected to attract more US dollars from expatriates and exporters that will help improve the country's foreign exchange reserves as well as balance of payment numbers.

The currency recorded a sharp depreciation against the US dollar from 115.60 to 121.50 within a month. Against the UAE dirham, it lost approximately five per cent value by plunging from 31.47 to 33.07 last month.

It is expected to settle at 125 against the US dollar during the second half of 2018 while against the UAE dirham, it may cross the 34 mark by losing three per cent of its value during the July-December 2018 period.

Also read:

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Hold on to your cash: Indian rupee may weaken further

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