Exchange companies to remove cap on dollar rate

[epebble]

I read this carefully. It does not make any sense to me. Can anyone understand what is happening? What the heck are swinging, crushing and forcing? Am I looking at a Central bank or a Boxing match?

However, within an hour of the implementation of the unprecedented decision by exchange firms on Wednesday, the SBP swung into action and crushed the move, forcing exchange companies to bring down the initial price of Rs252.5 to Rs243. In the interbank market, the rupee depreciated 0.21pc against the dollar to close at Rs230.89.

SBP intervention limits rupee’s fall after cap lifted

Local currency closes at Rs243, up from Rs252.5 level seen when trading opened on Wednesday.

www.dawn.com

 

[Enigma SIG]

Most likely to be Inky Pinky Ponky.

Inky Pinky Ponky
Dar fucked Pakistan
and made himself look like a Donkey.

 

[HAIDER]

I read this carefully. It does not make any sense to me. Can anyone understand what is happening? What the heck are swinging, crushing and forcing? Am I looking at a Central bank or a Boxing match?

However, within an hour of the implementation of the unprecedented decision by exchange firms on Wednesday, the SBP swung into action and crushed the move, forcing exchange companies to bring down the initial price of Rs252.5 to Rs243. In the interbank market, the rupee depreciated 0.21pc against the dollar to close at Rs230.89.

SBP intervention limits rupee’s fall after cap lifted

Local currency closes at Rs243, up from Rs252.5 level seen when trading opened on Wednesday.

www.dawn.com

Actually, there is no rule, right now its total anarchy...everyone running their independent policy. . Lot of people i know they shut down their businesses in Pakistan and move their assets to UAE, Bangladesh etc or waiting for good time to go back. Otherwise, those who sign the contracts on 2021 or pre April 2022 dollar rate. They dissolve their contract. Because they sign the contract when a dollar was around 180 and now at the time of contract fulfillment it's over 260................mean bankrupt.

 

[epebble]

Actually, there is no rule, right now its total anarchy...everyone running their independent policy. . Lot of people i know they shut down their businesses in Pakistan and move their assets to UAE, Bangladesh etc or waiting for good time to go back. Otherwise, those who sign the contracts on 2021 or pre April 2022 dollar rate. They dissolve their contract. Because they sign the contract when a dollar was around 180 and now at the time of contract fulfillment it's over 260................mean bankrupt.

I am sensing that. A giant flea market. Only rule is there are no rules.

 

[Cookie Monster]

In my infinite wisdom, I suggest 273.16, because, at -273.16 Celsius, all the atoms in matter line up, and stay absolutely still. So, that is perfection itself. If by chance, that number has to be crossed, next good number is 314.16.

To be technical...that would be 273.15
...not 273.16

 

[ghazi52]

,.,.,.

PKR plummets record 9.61pc in interbank after price cap lifted​

Talqeen Zubairi
January 26, 2023

The Pakistani rupee plunged to a record low of Rs255.43 against the dollar in the interbank market on Thursday, sliding Rs24.54 or 9.61 per cent from yesterday’s close, after the removal of an unofficial price cap on the exchange rate.

Ismail Iqbal Securities’ Head of Research Fahad Rauf said it was the largest single-day decline in both absolute and percentage terms since the introduction of the new exchange rate system in 1999.

Separately, the PKR was being traded at Rs255 per dollar — also a record low — in the open market around 11:40am, according to data from the Forex Association of Pakistan. This equates to a depreciation of Rs12 or 4.94pc over yesterday’s rate of Rs243.

As a result, the difference in rates between the interbank and open markets, which had widened to Rs15 in recent months, was almost wiped out.

Topline Securities CEO Mohammad Sohail termed it a “much-awaited adjustment” that allowed banks to quote an exchange rate based on demand and supply in the market.

He noted that the country adhered to a market-based exchange rate till September last year. However, afterwards the interbank rate was kept within a narrow band that gave rise to a grey market, he added.

“Now the grey market rate will come closer to the interbank rate. This will help in increasing exports and inward remittances through banking channels. This may also help in reviving the delayed ninth review with International Monetary Fund (IMF) and inflows from friendly nations.”

 

[WarKa DaNG]

After losing God knows how much dollars due to Dar's ego of price cap finally they came to their senses

 

[terry5]

 

[ghazi52]

.,..

 

[Dalit]

These steps are going to further reduce the confidence of investors and Pakistani diaspora abroad to invest dollars in Pakistan.

Who said expats were going to invest even if the situation was favorable? As long as PDM is in power no overseas Pakistani is investing a cent in Pakistan.