The value of Pakistani money against the US dollar briefly went up by Rs0.13 and reached Rs278.17 during the day. But by the end of the day it stayed steady at Rs278.30 showing that the amount of dollars people want to buy and sell has balanced out.
This increase happened because people were hopeful that Prime Minister Shehbaz Sharif’s visit to China would bring in new investments for projects like the China-Pakistan Economic Corridor (CPEC). Pakistan is expecting about $2 billion in new investments. Also there’s hope that the Prime Minister might get Chinese companies to delay payments or give new loans to help repay old debts.
But despite this temporary increase, the value of the Pakistani currency might start going down again after July. This is because Pakistan has to pay back a lot of money to other countries by then.
Overall in the past nine months the Pakistani rupee has gained some strength. It’s gone up by about 10.35% compared to its lowest point in September 2023. In the open market the value remained unchanged at Rs278.59/$.
Experts think the value of Pakistani money will stay about the same until the end of June mostly because there’s not much demand for dollars for buying things from other countries. But after that it might start losing value again.
The Pakistani government thinks that in the next year the value of the rupee against the dollar will go down by about 5.7%. But the International Monetary Fund (IMF) predicts a bigger drop of about 15.5%.
