Pakistani rupee has gained strength against dollar which is a good omen for Pakistan’s economy. The Pakistan’s economy seems to be stepping out of trouble and heading towards stability.
The rupee strengthened against the dollar and reached at five-month high. Currency dealers are expecting to receive a large amount of dollars from outside countries in the coming days, after which the value of the dollar will decline further.
On Saturday, the dollar was trading at Rs 154.70, the lowest level in the last five months. In June 2019, the dollar was trading at the highest level in history at Rs 164.
Not only dollar but other economic indicators are also pointing out towards economic stability as earlier, Pakistan Stock Exchange (PSX) continued to be among the top performing exchanges in the world, report reveals. According to Bloomberg, Pakistan’s stocks outshined world’s leading stock markets during the last three months and surged by 30 percent or almost 10,000 points.
“Pakistan’s stock market surged by 30 percent (almost 10,000 points) during the last three months and thus outperformed the leading stock markets,” stated the report. On the other hand, Moody’s Investors Service (“Moody’s”) on December 2 affirmed the Government of Pakistan’s local and foreign currency long-term issuer and senior unsecured debt ratings at B3 and changed the outlook to stable from negative.
“The change in outlook to stable is driven by Moody’s expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility. Such developments reduce external vulnerability risks, although foreign exchange reserve buffers remain low and will take time to rebuild” “said Moody’s on Monday.
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