Latest data from Exchange companies of association of Pakistan (ECAP) has revealed that Pakistani rupee continues to hover around a five-month high as dollar is currently being traded at Rs. 163.20. This is supposed to leave a positive impact on local currency.
For the past few weeks, Dollar has been showing stability as after peaking to Rs. 165.05, it has been below the number of Rs. 165.0 since then.
An official statement by the EPAC chairman read: “Steps taken by the State Bank of Pakistan are positive and the new rules and regulations discouraging illegal currency movement in the country have helped the rupee in the last few weeks,”
he also stated that before covid-19, the local residents working in foreign countries would send off their earned foreign currency through illegal channels of hundi and hawala but now after it has grounding of airlines has encouraged the transfer via formal channels.
He emphasized that government should work more on the exports to achieve the goal of a stable economy.
