Pakistani Rupee hit record low 91.65/70 to dollar

[bindaas]

Pakistani Rupee hit record low of 92.02

Pakistan stocks down; rupee hits record low | Agricultural Commodities | Reuters

By Rebecca Conway

ISLAMABAD May 23 (Reuters) - Pakistan stocks closed down on Wednesday but stayed above 14,000 points, with investors wary after a fall was seen across global markets, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-index ended 0.77 percent, or 109.26 points, down at 14,032.82 on volume of 138.76 million shares, compared to Tuesday's close of 14,142.08.

"Investors remained cautious due to volatility in global markets," said Samar Iqbal, a dealer at Topline Securities.

The Pakistan rupee closed on a record low for the second day in a row to end at 91.97/92.02 to the dollar, amid higher import payments particularly for oil, compared to Tuesday's close of 91.65/70.

"Several import payments are due to go out tomorrow, mostly oil, so I expect pressure on the rupee to continue until then," said currency dealer Sajjad Haider.

Overnight rates in the money market closed almost flat at 9.00, compared to Tuesday's close of 9.10, because of increased liquidity. (Reporting by Rebecca Conway and Qasim Nauman; Editing by Jeremy Laurence)

 

[Backbencher]

The rise in oil prises showing its dual effect

 

[bindaas]

The rise in oil prises showing its dual effect

It is more related to debt repayment.

 

[Nothing]

it is more related to mismanagement of priority ... billions of dollars outside country earned from corruption and mismanagement of resources of country

 

[humanfirst]

Ha ha i've just visitted the indian ecomomy thread,Where so many pakistanis and chinese were celebrating devalued indian rupees..
Here are some of the comments posted there..With pathetic 92 PKR/USD,I think they are more suited for pakistan.

Maybe America will bail them out after all they have been very loyal.

Only china can save Europe & India

But we can give them music by Brucie babe am going down down down.

Bruce Springsteen - I'm going down - YouTube

This thread reminds me of a great movie.....you know that......sinking feeling. !!

Because many indians are already on the edge - when even they were doing well, I dread what will happen to them - now that the economy is going to go in a slower growth cycle.

That reminds me of the song called here comes that sinking feeling rather appropriate for an Indian Rs sinking

Here Comes That Sinking Feeling - Eurythmics - YouTube

ENJOY

 

[RoYaL~GuJJaR]

^^ LMAO.......

 

[manofwar]

chalo, atleast the subcontinent is creating record in something.......
fortunately my dad is an exporter.....but it is almost the same cause eurozone deals and orders are getting lesser every fortnight.....

 

[bindaas]

Right now

1 U.S. dollar = 92.0471281 Pakistan rupees

 

[RoYaL~GuJJaR]

Right now

1 U.S. dollar = 92.0471281 Pakistan rupees

But Pakistanis are more worried about Temporary devaluation of INR from 50 to 55 -

 

[manojb]

Nervous 90's.. ?

 

[SBD-3]

Usually PKR does come under pressure is this period (Jan-June) since : 1)Oil Payments are made 2)Debt is serviced 3)Profits are repatriated by the foreign companies to their principal offices.

 

[Zeeshan360]

Not to mention just few years back PKR and INR were of same value ..

Now Indian rupee is kinda 1.8 to 2 times strong