We are here to discuss the recent news about the value of our Pakistani Rupee. Some people believe it may go down a little bit more under the new temporary government that is coming soon. But don’t worry, this is normal in times of change and we’ll explain why.
The Value of Our Rupee:
The value of our Rupee has been a topic of discussion for a long time. Some days it’s up, some days it’s down. Just like the temperature, it changes. However, some people in the market are saying that it may go down further when the new caretaker government takes over before the general elections at the end of this year.
Shehbaz Sharif, who was the Prime Minister, has already said that the National Assembly will be dissolved on August 9. Zafar Paracha, the General Secretary of the Exchange Companies Association of Pakistan (ECAP), when asked about this, said that the chances of the Rupee falling more are low.
The Value of Dollar Against Rupee:
He explained that currency markets work on demand and supply. He believes that our Rupee will be stable between Rs286 to Rs289 against a dollar for about a month. So, if you are planning to send money to someone outside Pakistan or buy something from another country, it might cost a bit more.
Upcoming Political Changes:
We all know that political changes can affect many things, including the value of our currency. With the elections coming up, our currency may face pressure in the coming weeks and months. It’s like a cricket match – the pressure builds up as the match progresses.
However, the market people think the Rupee will remain steady because of the recent monetary policy. Our central bank has kept the key policy rate high at 22% for the next six weeks. This high rate is a good sign for our Rupee.
Rupee Value in the Last Few Days:
Over the past two days, our Rupee has gained a little, about 0.81%, or Rs2.33, according to the data from the State Bank of Pakistan. That’s like your shopping getting a bit cheaper! On Friday, our Rupee gained a bit more, about 0.17%, or Rs0.50, against the US dollar. This was according to ECAP.
Our Currency’s Future:
Mr. Paracha said this small gain was just an adjustment based on how much dollar people want and how much is available. It’s like when more people want to buy mangoes, the price goes up. But if there are a lot of mangoes in the market, the price comes down. Our Rupee will see bigger ups and downs when there are big changes in how much dollars are coming in or going out. But he said such big changes are not likely to happen soon.
So dear readers, we hope we’ve made it clear for you. The value of our Rupee might go down a little more with the new government coming in. But, it’s just a part of the process. We all should pray for the best and support our country in these changing times.