Rupee flips over US dollar’s ground
The Pakistani rupee continued registering an upward trend with a fresh Rs0.44 run to settle at Rs221.25, marking its win for the fourth consecutive day against the US dollar in the interbank market on Thursday.
Earlier on Tuesday, the rupee gained just a paisa higher against the US dollar to close at Rs221.65. Whereas, Monday’s traded value saw its position at Rs221.66.
According to the Forex Dealers Association Chairman Malik Bostan, the value of rupee will appreciate to sub Rs200 for a US dollar levels by the end of this year on the back of investments from China, Saudi Arabi and other projects pledged to the country.
Moreover, the board of the Asian Infrastructure Investment Bank (AIIB) on Wednesday approved $500 million in financing for Pakistan.
The timely cash inflows will help the Pakistani currency gain the rightful worth it deserves against the greenback.