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Rupee to weaken to Rs148 against greenback by end-2019: Fitch Solutions

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LAHORE: Fitch Solutions in a report released on Thursday said it expected the rupee to touch Rs148 against the US dollar by end of the financial year 2018-19.

Notwithstanding, the report forecast the rupee to weaken further against the US dollar over the coming quarters, as the IMF would typically require the central bank to build up its foreign reserves’ buffers.

Pakistan’s Finance Minister Asad Umar has alluded that the government can afford a two-month delay in the negotiations as the $6 billion loan secured from Saudi Arabia in October suggests there is no imminent balance of payments crisis in the near-term, said the report.According to Fitch Solutions, despite the failure of Pakistan and the International Monetary Fund (IMF) to reach a final agreement on the terms of a bailout, it was only a temporary stumbling block, as it anticipated that the agreement would be reached by the first quarter of 2019.

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