Islamabad (HRNW) The US dollar was selling at Rs153.2 in the interbank market after losing Rs0.8 value overnight, which is nearly a two-year low. The last time dollar sold below this level was on June 13, 2019.
“The foreign exchange inflows are good so is current account and remittances,” said Raza Jafri, the head of Equities Intermarket Securities. “It seems rupee will appreciate on short-term basis.”
However, Jafri said that rupee may get back into depreciation mode, when things come back to normal once the coronavirus pandemic is over.
When things return to normal, oil prices may increase so would imports, bringing back rupee under pressure.
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