International shipping lines are likely to convert their freight based transactions from dollar into euro, Business Recorder learnt on Saturday. A shipping analyst said: "We will not be surprised if the international shipping lines adopt euro as the currency for their freight transactions within the next two to three years."
Citing reasons, he said that although the dollar was getting stronger in developing countries such as Pakistan, it was becoming weaker in international market. He said that due to the weak position of dollar in international market countries such as Singapore and India had started doing business in their own currencies.
"Business transactions are being carried out in the local currency in India where a dollar is worth less than 40 rupees," he said. When asked whether there was any proposal under consideration about change of currency in the shipping circles, he said that although there was no such formal move, the declining value of the dollar in international market suggested that the development was likely to take place within the next few years.
Citing reasons, he said that although the dollar was getting stronger in developing countries such as Pakistan, it was becoming weaker in international market. He said that due to the weak position of dollar in international market countries such as Singapore and India had started doing business in their own currencies.
"Business transactions are being carried out in the local currency in India where a dollar is worth less than 40 rupees," he said. When asked whether there was any proposal under consideration about change of currency in the shipping circles, he said that although there was no such formal move, the declining value of the dollar in international market suggested that the development was likely to take place within the next few years.