Pakistani rupee weakens against Omani rial

Muscat: The value of Pakistani rupee (PKR) has dropped drastically against the Omani rial and has reached an all time low of PKR345.
Last month, the value of a single Omani rial was recorded to trade at PKR336. However, a slump in the value of the rupee was witnessed after the Government of Pakistan decided to seek monetary assistance from the International Monetary Fund to avoid default on import payments and debt repayments.
“The government of Pakistan is allowing the rupee to devalue slightly to help exports and that is also being reflected positively on the whole remittance volume which Pakistan has received globally. In July – October, 2018 there has been an increase of 15 per cent remittances compared to the same period last year,” said Syed Faraz Ahmed, General Manager at Oman United Exchange, in an exclusive interview with Times of Oman.
“Having said that, it is to be noted that for the same period there has been a three per cent decline in the remittance volume being sent from Oman to Pakistan. Weakening of currency leads to increase remittance volume, however the decline here in Oman can mainly be attributed to the economic challenges faced,” added Ahmed.
When cricketer-turned-politician Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) emerged as the single largest party in the 11th general elections held in July this year, the currency gained strength.
“The PKR stood at a conversion rate of OMR333 until July 24 but appreciated by PKR2 post-election between July 24 and 27. It then began appreciating from the low of PKR333 against the rial and reached to PKR322 in October, 2018,” informed Ahmed.