Lahore, 12th November: With the depreciation of the dollar against Pakistani Rupees, there’s good news for Pakistan’s economy.
According to a Baaghi TV report, senior anchorperson and journalist Mubasher Lucman has revealed good news for Pakistan’s economy that the rupee is strengthening against the dollar. The dollar has fallen by about eight rupees, the rupee is at its best since last October.
The Pakistani currency is currently ranked third among the best currencies in Asia. Before that is the currency of Indonesia and Malaysia.
He informs in his latest video at Mubasher Lucman Official YouTube that things get cheaper when the dollar goes down.
Mubasher Lucman said that if the dollar continues to fall and the rupee continues to improve, it could become the second-best currency in Asia.
Lucman mantions few reasons why the dollar is falling:
One is that travelling abroad is prohibited because of coronavirus. When the dollar is bought, the rupee depreciates.
Similarly, Hajj and Umrah were not performed. Due to this, a large amount of currency did not come out.
Similarly, oil prices are lower globally. Lucman said that Saudi Arabia has demanded back the $2 billion it had given us. Now the government and the SBP are the biggest buyers of the dollar. The dollar could fall to 150 if it stops buying.
In this way, Pakistan’s economy will further improved. Pakistan’s industry is doing well at the moment.
Mubasher Lucman said that people in textiles look very happy. He says their plant is running at full capacity.
Similarly, in 2020, remittances from abroad are also getting better. Pakistanis are sending better remittances from abroad to the country.
He said Pakistan was now trying to get Saudi Arabia’s $2 billion loans from China. So that the current account reserves of the country are small and there is no gap between them. Hopefully, China will give this money and we will return it to Saudi Arabia.
In the last nine months, companies have made a profit of Rs 500 billion in the KSE index. That’s fifty per cent more than last year.
Similarly, the trade deficit decreased. Our exports have increased significantly in October and cement is a big part of it.
“Critics say the government did nothing during COVID-19, but we were lucky that the coronavirus did not cause much damage,” Lucman said. Now Smart Lockdown is starting again. Let’s see where the situation goes now.