Dollar may fall below Rs 250 due to JF-17 exports, says ECAP Chairman

ISLAMABAD: Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan has said that the US dollar may depreciate significantly against the Pakistani rupee due to the interest of 15 countries in importing the JF-17 fighter jets manufactured by the Pakistan Army.

Speaking at private news channel program, Malik Bostan said that there are strong possibilities of the dollar falling below Rs 250.

According to the ECAP Chairman, there are several reasons for the improvement in the value of the rupee, including a significant increase in defense exports, increasing global demand for JF-17 aircraft and a strong recovery in the stock market. He said that the stock market has increased from 46 thousand points to about 185 thousand points.

Malik Bostan said that during the last six months, the dollar has fallen from a level of more than Rs 290 to about Rs 281, a decrease of about Rs 9. He rejected claims that the current stability of the rupee was temporary, saying that the real value of the rupee against the dollar is less than Rs 250.

He also mentioned the significant improvement in Pakistan’s foreign exchange reserves and said that in 2022, the reserves were less than $3 billion, which have now increased to about $22 billion.

Speaking about criticism of the government, Malik Bostan said that the economy had been completely destroyed and it was natural for it to take time to recover. He recalled that a few years ago, concerns were being expressed about the dollar reaching 500 rupees, while now expectations are moving towards 250 rupees or even lower.