Dollar Likely to Fall Below Rs250 on JF-17 Export Prospects: ECAP Chairman

Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, has said that the US dollar could decline significantly against the Pakistani rupee due to growing international interest in JF-17 fighter jets manufactured by the Pakistan Army.

Speaking on a television program, Malik Bostan stated that there are strong chances of the dollar falling below **Rs250**, as around **15 countries have shown interest in importing JF-17 fighter aircraft**. He noted that increased defense exports are playing a key role in strengthening the national currency.

According to the ECAP chairman, several factors are contributing to the improvement in the rupee’s value, including a sharp rise in defense exports, growing global demand for JF-17 aircraft, and a strong recovery in the stock market. He pointed out that the stock market has surged from around **46,000 points to nearly 185,000 points**, reflecting renewed investor confidence.

Malik Bostan said that over the past six months, the dollar has declined from above **Rs290 to around Rs281**, marking a drop of nearly **Rs9**. He dismissed claims that the current stability of the rupee is temporary, asserting that the rupee’s real value against the dollar is even below **Rs250**.

He also highlighted a significant improvement in Pakistan’s foreign exchange reserves, noting that they were below **$3 billion in 2022** but have now increased to approximately **$22 billion**.

Commenting on criticism of the government, Malik Bostan said the economy had been completely devastated in the past and that recovery naturally takes time. He recalled that only a few years ago, fears were being expressed that the dollar could reach **Rs500**, whereas expectations are now shifting toward **Rs250 or even lower**.