Dollar May Drop Below 250 PKR, Economic Forecast

Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, has stated that due to growing international interest in the JF-17 fighter jets produced by the Pakistan Air Force, the US dollar could see a significant decline against the Pakistani rupee.

Speaking on a TV program, Malik Bostan said, “There are strong chances of the dollar falling below 250 PKR.” He referenced recent economic data to highlight the factors supporting the rupee’s strengthening.

According to Malik Bostan, several reasons are contributing to the rupee’s improvement, including a substantial increase in defense exports, rising global demand for JF-17 aircraft, and a strong recovery in the stock market. He noted that the stock market has surged from 46,000 points to nearly 185,000 points.

He further explained that over the past six months, the dollar has fallen from above 290 PKR to around 281 PKR, a decrease of approximately 9 rupees. Dismissing claims that the rupee’s current stability is temporary, he added that the rupee’s real value against the dollar is now below 250 PKR.

Malik Bostan also highlighted a significant improvement in Pakistan’s foreign exchange reserves, which have risen from less than $3 billion in 2022 to nearly $22 billion.

Commenting on the government’s economic policies, he acknowledged that while the economy had been in a critical state, its recovery is a natural and gradual process. He reminded viewers that concerns of the dollar reaching 500 PKR were raised a few years ago, whereas current forecasts indicate a potential decline to 250 PKR or even lower.