KARACHI – The Pakistani rupee on Monday further recovered its value against the U.S. dollar by 15 paisa in the interbank market and traded at Rs154.90.
The rupee has recovered by Rs8.60 so far, which in turn reduced the state’s foreign debt by Rs860 billion since June this year. On June 26, the dollar traded as high as Rs164. According to a report issued by the bond credit rating business of Moody’s Corporation, “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.”
“These credit strengths are balanced against structural constraints to economic and export competitiveness, the government’s low revenue generation capacity that weakens debt affordability, fiscal strength that will remain weak over the foreseeable future, as well as political and still-material external vulnerability risks,” it added.
The report further outlined that narrowing current account deficits, in combination with enhancements to the policy framework including currency flexibility, lower external vulnerability risks in Pakistan. “However, foreign exchange reserve adequacy will take time to rebuild.”
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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