Rupee appreciates for record 27 days in a row.
KARACHI -- Pakistani currency, which began its ascend with the crackdown on smugglers and gradual economic recovery, on Friday created history by maintaining its winning streak for 27 consecutive working days for the first time in three years.
It hit over three-month high below Rs278 against the US dollar in inter-bank market.
Talking to The Express Tribune, Arif Habib Limited Economist Sana Tawfik projected that the rupee would maintain the winning streak in the short run, going up to Rs260-265 against the greenback.
It, however, may return to the downward trend in November-December and lose ground to Rs290-300 by December 31, 2023, she said.
According to State Bank of Pakistan's (SBP) data, the rupee booked fresh gains of 0.35%, or Rs0.96, and closed at Rs277.62/$ on Friday.
In the past 27 working days, the currency has cumulatively regained 10.62%, or Rs29.48, compared to the record low of Rs307.10/$ hit on September 5, 2023.
The rupee appreciation is expected to pull down inflation rate in the country through a significant reduction in petroleum product prices in mid-October.
Tawfik said that the robust rupee rally was expected to continue with fresh support coming from the latest statement by the central bank governor at a meeting with foreign investors. He said that the SBP had achieved all the IMF's September-end targets including the targets for net international reserves (NIR) and net domestic assets (NDA).
The statement suggests that Pakistan will smoothly pass the first IMF review under the $3 billion loan programme in November and will get a second tranche of $700 million.
Before that, Pakistan's current account balance is expected to achieve surplus for September compared to deficit in previous months or it will reach breakeven. The likely development would support positive sentiment in currency markets, Tawfik said.
She recalled that the 27-day-long historic rupee rally began with the crackdown on currency smugglers and hoarders. The government action forced exporters to sell...
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