Dollar reaches new high, soars past Rs210 in interbank trade

Abdul Rehman Majeed · Jun 17, 2022

ziaulislam said:
Remittences shouldnt lag..job market is strong and most remittances comes from GCC

All big tech companies have started freezing new recruitment and started the layoffs. You probably do not know as you are a doctor.

Olympus81 · Jun 17, 2022

Expecting Rs weakening until 250 to a $ which will force oil to be around 280 rs.

If government wants GST and other taxes then oil will touch 300 rs.

ziaulislam · Jun 18, 2022

Abdul Rehman Majeed said:
All big tech companies have started freezing new recruitment and started the layoffs. You probably do not know as you are a doctor.

And how would that affect pakistani remittences?

ghazi52 · Jun 20, 2022

.,.

Genghis khan1 · Jun 20, 2022

Country is sinking infront of our own eyes. That’s what happen when incompetent and selfish people are in control.

How did Bajwa slip through the cracks to become COAS. Who brought him to power and why. Seems like Army as an institution is compromised.

Dalit · Jun 20, 2022

Genghis khan1 said:
Country is sinking infront of our own eyes. That’s what happen when incompetent and selfish people are in control.

How did Bajwa slip through the cracks to become COAS. Who brought him to power and why. Seems like Army as an institution is compromised.

We haven't seen a thing yet. Just wait for the recession. If you think that current plummet is crazy wait what you see in coming days, weeks and months. These crooks are in for an absolute shocker. They have no clue what is coming. They are not even equipped to deal with the losses.

Bajwa is preparing for an unceremonial exit.

Genghis khan1 · Jun 20, 2022

Dalit said:
We haven't seen a thing yet. Just wait for the recession. If you think that current plummet is crazy wait what you see in coming days, weeks and months. These crooks are in for an absolute shocker.

I know what’s gonna happen and even informed the folk when I was there.

Soon country will run out of dollars to pay for oil and gas. No fuel no electricity, no transportation, no way to get to work or even turn on a computer. No work, no salary. Rs vs $ at 500 or 1000 Absolute anarchy.

Dalit said:
Bajwa is preparing for an unceremonial exit.

Needs to be hung high for High treason.

ziaulislam · Jun 20, 2022

Genghis khan1 said:
I know what’s gonna happen and even informed the folk when I was there.

Soon country will run out of dollars to pay for oil and gas. No fuel no electricity, no transportation, no way to get to work or start even start a computer. No work, no salary. Rs vs $ at 500 or 1000 Absolutely anarchy.

This needs to happen but wont happen..
Once country bankrupts only then it can develop

Establishment wants the cow to provide milk so they will keep it running by patch works..will kill or out any one who wants to challenege the elite

Genghis khan1 · Jun 20, 2022

ziaulislam said:
This needs to happen but wont happen..
Once country bankrupts only then it can develop

Establishment wants the cow to provide milk so they will keep it running by patch works..will kill or out any one who wants to challenege the elite

Establishment is the reflection of Pakistani society. Incompetent education system, incompetent talent pool and now the establishment.

maithil · Jun 20, 2022

Dollar crosses 210-mark in interbank as govt struggles to reach IMF deal

KARACHI: The rupee declined further in the interbank market amid a delay in the signing of the deal with the International Monetary Fund and was traded at 210.19 on Monday during the intraday...

www.thenews.com.pk

Black.Mamba · Jun 20, 2022

Congratulations to all the neutrals, srilanka like situation is inevitable now.

According to the Forex Association of Pakistan (FAP), the rupee depreciated sharply by Rs2.55 to hit an all-time low of Rs210.3 against the dollar from Friday's close of Rs207.75. In the open market the greenback was trading at Rs212 as of 10:30am.

Dalit · Jun 20, 2022

The US dollar continued its upward march on Monday as it rose above Rs210 against the local currency during early morning trade in the interbank market.

According to the Forex Association of Pakistan (FAP), the rupee depreciated sharply by Rs2.55 to hit an all-time low of Rs210.3 against the dollar from Friday's close of Rs207.75. In the open market the greenback was trading at Rs212 as of 10:30am.

Saeed Bin Naseer, director of Mettis Global, told Dawn.com that the rupee remained under pressure on the first day of the week due to the news of banks running out of dollars over the weekend.

"The dearth of dollar at banks resulted in low or negative swap premiums as the country’s foreign exchange reserves continue to run dry," he pointed out.

An announcement from the IMF regarding the revival of the loan programme or updates on inflows from China could help stablise the exchange rate, Naseer added.

Read more: No deal yet with IMF for revival of loan programme

According to Mettis Global — a web-based financial data and analytics portal — the rupee incurred a colossal loss of Rs6.4 during five consecutive sessions last week.

Market experts, it said, have called for the government's immediate attention over the depreciating rupee with respect to curtailing import bills through cutting unnecessary expenditures, warning that otherwise, in the absence of the deal with the International Monetary Fund (IMF), Pakistan’s foreign exchange reserves would keep depleting.

Meanwhile, Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan, said that the market was under severe distress but the authorities seemed to be oblivious to it. "It seems as if another condition put forward by the IMF is the devaluation of rupee because no one seems to care about it and there's silence everywhere."

He cautioned that if this trend persists, Pakistan could head towards a default like Sri Lanka. "It is extremely crucial for the government to take steps or else the country will default."

Earlier today, in a weekly overview, local financial portal Tresmark said that the rupee's misery was compounded by the ultra low levels of forex reserves.

According to SBP, Pakistan’s reserves have fallen by another $234 million to close just below $15 billion. The central bank's share in these reserves is just under $9 billion.

"With almost no free liquidity, it is expected that the central bank does not have the resources to control the market," it pointed out. "With low levels of inflows and substantial outflows, especially end of June, SBP is dipping in to commercial bank’s share of reserves to square payments, resulting in low or negative swap premiums."

Keeping this in mind, it went on, there was no stopping the rupee from further losses.

"On average, it (the market) is losing Re1 every day and will only stop when Pakistan receives fresh inflows. If we were to assume that that inflow will be from IMF, then the government should focus all its resources on having IMF on board and jump the queue as we can not afford even another week [like this]," the overview added.