Dollar value to drop by Rs5, says Forex Association head

[Hunain Khalid]

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The head of the Forex Association of Pakistan, Malik Bostan, believes the rupee is going to appreciate against the dollar by five to six rupees.
He said they had appealed to the nation to boycott the dollar and believes their efforts worked. In the next few days, its value will go up by five to six rupees in both the interbank and open market, he claims.

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The rupee appreciated by Rs0.53 against the dollar on Friday. It closed on Friday at Rs150.91 in the interbank market and Rs151.70 in the open market.

This is the highest the dollar has ever been against the rupee. The value of the rupee dropped soon after Pakistan signed a three-year $6 billion bailout agreement with the IMF. It touched its highest rate of Rs153 in the open market on May 21.

Source

 

[Hate_Nooras]

I think we should be aiming for a rate of 135 as a long term target, if the oil prices stabilise and we get our exports up.

 

[kakamuna420]

It will become 145 during eid. A lot of dollars are coming from overseas guys and imran got the news. That is why immi is happy and forgot the tasbih during his hospital visit

 

[islamabadi]

Government itself will not intervene and is useless and asleep.....if the rupee will appreciate it will be because of the efforts of the people boycotting the dollar and others bringing in cash. Instead of sending remittances via bank....bring cash and sell in the market. When you send via banking channel this PTI khota government will not supply it in the market it will just fill up its coffers....but when u bring ing cash and sell it to a money changer....you not only get 1% extra in rupees but also contribute when exchanging it for rupees. I expext the dollar rate to drop to drop by 3 rupees around eid to be at 147. If enough travelers bring in cash and dump it in market it could go even lower....but 147 is my bet

 

[Khallas]

Dollar will be somwhere around 125-130 in next months, all investors holding dollar better sale now or get ready to sell in loss.