Pakistan Rupee crashes at 300

[Clutch]

There is no quick fix. There are NO EASY ANSWERS or policy changes that can produce a favorable result within a reasonable time frame. Your debts have reached a level where you have to work really hard just to stand still.
No govt of any shade can deal with these gaping sinkhole. Ultimately Pakistan will have to declare itself bankrupt and hope the creditors take some pity and either cancel a large proportion of the debt or reschedule well into the next 2 decades.
Without the freebees from the West and the Gulf , Pakistan cannot adjust to the new realities.
Pakistan is entering a dark future for at least 10 to 15 years and can emerge into some sort of a future after that period by a monumental sustained disciplined effort having in place the right economic policies

Crazy mental case Pakistan will just blackmail the world with it's nukes... That's how corrupt people operate.

Should have left IMRAN KHAN in power and supported him.... Hate to say this.... Told ya so

 

[epebble]

Ultimately Pakistan will have to declare itself bankrupt and hope the creditors take some pity and either cancel a large proportion of the debt

Doesn't work with sovereign debt; there is no bankruptcy court or laws for nations. Afghanistan is a template for sovereign default. It was able to get some debts cancelled from private lenders. But it now has the problem of not being able to access private debt market. Pakistan's problems are similar to Lebanon and Egypt. One can predict what may happen by looking at Lebanon.

Crazy mental case Pakistan will just blackmail the world with it's nukes... That's how corrupt people operate.

Unlikely to work, otherwise USSR could have used it. Pakistan may sell fissile material to IAEA for conversion to reactor fuel and get money for that. But even people who can't pay for electricity may not be in favor of that.

 

[ghazi52]

.,.,

Dollar ascends above Rs320 in open market​

PKR closes at Rs302 in interbank market.

 

[Olympus81]

Pakistan would probably threaten IMF with nukes like a petulant kid. Give me the money or the country will get destabilized and the nukes will fall into the wrong hands.

 

[Puffin]

Sovereign default is the likely outcome. There is so little room for manoeuvre in terms of policy and there is little Pakistan can do in terms of buttressing the Rupee.
The IMF terms that Pakistan agreed to stick to, say the variance between the market rate and the official rate cannot be more than 1.75%.
Already, Pakistan over the last few weeks has gone well beyond that and now Pakistan is clearly breaking the terms of the IMF agreement .
Either amend the official rate or watch the hammer fall.

 

[ziaulislam]

Crazy mental case Pakistan will just blackmail the world with it's nukes... That's how corrupt people operate.

Should have left IMRAN KHAN in power and supported him.... Hate to say this.... Told ya so

You reap what you sow

You knew it..don't say ignorance...
You knew it he was clean
You knew it that it was global inflation
You knew it that things were moving in the right direction
But your ego wanted nawaz sharif

So please I dare you..now vote for your nawaz sharif..I pray he comes in power again so proper chatrool is completed

After all I am going to win in this economy my pay just keeps getting better

I use to send 1000$ a month now 500$ is enough as wages are stagnant

Yet the most abused people were overseas Pakistanis called youthias

Even today you will see more support of IK in overseas as compared to lahore

So my barometer is when lahoris support IK more and untill that happens I pray nawaz sharif to be in government

 

[PradoTLC]

The PDM butt lickers are shameless and ungracious losers … seriously

They lost in all angles and yet they show and try and defend their pathetic defeat

 

[hari sud]

If the Pakistani Army keeps spending all the money then nothing or very little is left for development hence Pakistani rupee will crash even further.

 

[RashidKhanTheLegend]

Sovereign default is the likely outcome. There is so little room for manoeuvre in terms of policy and there is little Pakistan can do in terms of buttressing the Rupee.
The IMF terms that Pakistan agreed to stick to, say the variance between the market rate and the official rate cannot be more than 1.75%.
Already, Pakistan over the last few weeks has gone well beyond that and now Pakistan is clearly breaking the terms of the IMF agreement .
Either amend the official rate or watch the hammer fall.

Pakistan's sovereign default will be much different than that of Sri Lanka's.

Massive violence.. strife and civil war

 

[epebble]

.,.,

Dollar ascends above Rs320 in open market​

PKR closes at Rs302 in interbank market.

FYI, I spotted a Wikipedia article on Pakistan 2022 Crisis

2022–2023 Pakistani economic crisis - Wikipedia

en.wikipedia.org

If you come across any interesting information that is not readily available, you may consider updating that page. I think that article may become an important source of information as this crisis unfolds over many years.

 

[ghazi52]

,..,.

PKR slide continues, trading above 304 to USD in interbank​

Dollar fetching Rs 323 in open market, the same as yesterday.

 

[ghazi52]

,..,.,

Open-market: USD hits 325 against rupee​

 

[ghazi52]

,.,..,

PKR freefall continues unabated, dips to 305.5 against USD in interbank​

The rupee depreciated by a further Rs1.09 to the greenback

Exchange Companies Association of Pakistan General Secretary Zafar Paracha said there were several reasons behind the increase in the dollar’s price.

“Firstly, we removed import restrictions on non-essential items [leading to an increase in the demand for the dollar]. Due to this, prices in the interbank rose,” he said.

“Secondly, the confidence of investors has been shaken [due to the economy],” he added.

“Thirdly, the additional restrictions that were placed on the buying and selling of dollars in November last year caused the grey market to grow rapidly.”

“After this, we capped the interbank and open market rates because of the IMF. They think that we control the interbank and open market rates. They don’t trust us.”

Paracha added: “Another reason for the increase in dollar price was due to the excellent illegal foreign exchange business flourishing in the country”.

Meanwhile, Pakistan’s sovereign dollar bonds slid today amid a broader emerging market debt rout. The 2031 maturity fell the most, by 2.5 cents, but several were down by 2 cents or more, according to Tradeweb data.

 

[tman786]

It's 306 on XE.com

 

[Al-zakir]

.,.,

Dollar ascends above Rs320 in open market​

PKR closes at Rs302 in interbank market.

Soon to be $500 for a dollar. Good job neutral.