UAE: Will Pakistani rupee drop to 70 against dirham?
The Pakistani rupee could slump around 10 per cent to 70 against the UAE dirham if the cap is removed on the US dollar by the South Asian country, say industry executive.
The Exchange Companies Association of Pakistan (ECAP) announced the removal of the cap on the US dollar on January 25. However, the State Bank of Pakistan continues to support the currency which has resulted in a drop in the country’s foreign exchange reserves.
