Favourable Rs./$ exchange rate makes Pakistani IT exports even more competitive
While the US Dollar has been stressed by other currencies, including the Euro, which is at an all time high, the Pakistani Rs. has been kept relatively stable and has in fact, depreciated a little over 1 Rs. against the dollar. At a time when forex earnings are crucial, this makes Pakistani exports in general, and IT exports in particular, even more competitive. In contrast, the Indian Rs. has actually appreciated against the dollar. This is just one more reason in addition to several others – such as reduced availability of high calibre developers, increased rents and higher government taxes – that India is decreasingly attractive to buyers of software in the West. And conversely, the Pakistani industry has never been so competitive!
THE RUPEE: dollar up again in interbank market
KARACHI (November 23, 2007): The rupee failed to retain its overnight position against dollar in the interbank market on Thursday, giving up 10 paisa for buying at Rs 61.00 and slid 28 paisa for selling at Rs 61.20, dealers said.
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