Malik Bostan, President of the Forex Association of Pakistan, predicts a positive outlook for the Pakistani rupee, expecting a notable decline in the value of the US dollar.
There are signs indicating a gradual phasing out of the illicit black market for dollars. The elimination of a significant disparity between the official exchange rate and the open market rate for the US dollar is likely due to the prospects of reaching an agreement with the International Monetary Fund (IMF).
Based on Bostan's observations, the dollar is currently being traded at Rs291 in the grey market in Peshawar, while its value in Dubai stands at Rs294.
Bostan further predicts that if the IMF deal is successfully concluded, the dollar's value could plummet to as low as Rs270.
He highlighted that just a month ago, the black market exchange rate for the dollar reached Rs320, resulting in a widened gap of Rs25 between the interbank and open market rates.
Bostan also emphasized that the expected influx of dollars through legal channels is anticipated to contribute to a decrease in its price.
It is noteworthy that the dollar has already dropped to Rs286.50 in the interbank market, while it is being traded at approximately Rs289 in the open market.
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