Chairman of Exchange Companies Association of Pakistan (ECAP) Malik Bostan has said that the US Dollar could fall significantly against the Pakistani Rupee (PKR) with 15 countries looking to import JF-17 fighter jets from the Armed Forces.
Speaking on a TV program, the ECAP chairman said the dollar is expected to drop below the Rs. 250 level. Quoting data, he said the Rupee has gained ~Rs. 30 against US Dollar since recovering from Rs. 340/$.
The ECAP chairman attributed the improving outlook to several factors, including a sharp rise in defence exports, growing international demand for Pakistan’s JF-17 jets, and a strong recovery in the stock market, which has surged from around 46,000 points to nearly 185,000 points.
Bostan said the dollar has fallen from above Rs. 290 to around Rs. 281 in the past six months, a decline of nearly Rs. 9. He rejected claims that the rupee’s stability is temporary and claimed that the real value of PKR/$ is below 250.
He also highlighted a big improvement in Pakistan’s foreign exchange reserves, which have risen from below $3 billion in 2022 to around $22 billion to date.
Addressing criticism of the government, he said the economy had been “completely devastated” and rebuilding naturally takes time. He recalled that only a few years ago, there were fears of the dollar touching Rs. 500, while now expectations are shifting toward Rs. 250 or even lower levels.
Bostan acknowledged that exports have declined but blamed climate change-induced floods over the past three years, which damaged crops and reduced agricultural output. He expressed confidence that exports would rebound soon.
He further pointed to rising overseas employment, particularly of skilled and technical professionals, as a key positive indicator. He said more than 700,000 Pakistanis went abroad last year, including thousands of doctors, engineers, electricians, and accountants. He was confident that they would help significantly boost remittances from $35 billion to around $45 billion next year.
Bostan projected that remittances could rise sharply in the coming year, which will increase forex reserves, support the rupee, stock market, and overall economic stability.