Pakistani Rupee hit record low 91.65/70 to dollar

[bindaas]

Pakistan stocks rally; rupee hits record low | Reuters

May 22 (Reuters) - Pakistan's stock market rallied on Tuesday with investors picking up cheaper shares on the back of selling last week, dealers said, alongside a record low against the dollar for the local currency.

The Karachi Stock Exchange (KSE) benchmark 100-index ended 1.92 percent, or 266.34 points, higher at 14,142.08 on volume of 122.98 million shares, compared to Monday's close of 13,875.74.

"After several days of selling, rates became attractive for investors, so there was buying today," said Shuja Rizvi, a dealer at Al-Hoqani Securities.

In the currency market, the Pakistani rupee hit a record low of 91.65/70 to the dollar, compared with Monday's close of 91.26.32.

"There were several large payments, mostly for oil imports, which drove the rupee lower," said Abdul Basit, a dealer at Elixir Securities.

Overnight rates in the money market closed lower at 9.10, compared to 10.50 on Monday, because of increased liquidity in the interbank market. (Reporting by Rebecca Conway and Qasim Nauman; Editing by Kim Coghill)

 

[CaptainJackSparrow]

What a coincidence. Indian rupee also hit a record low today. Looks like the rising oil prices have really begun to hurt the developing world.

It's high time to switch to alternative sources especially nuclear energy; thorium in India's case.

Thorium is the only solution to our (India's) energy problems.

 

[StingRoy]

Still their rate of depreciation is better than INR. INR seems to be in a free fall.

 

[ashokdeiva]

the OP should be smacked by his a$$ for pointing at some one elses failure when we also miserably failed in the same race.
what an idiot?

 

[CaptainJackSparrow]

Still their rate of depreciation is better than INR. INR seems to be in a free fall.

It's going to hurt the Indian students a lot.

the OP should be smacked by his a$$ for pointing at some one elses failure when we also miserably failed in the same race.
what an idiot?

I honestly fail to fathom the reason of your ire there. All he did was to post a news.

 

[bindaas]

the OP should be smacked by his a$$ for pointing at some one elses failure when we also miserably failed in the same race.
what an idiot?

No troll intended just posted a news.

It's going to hurt the Indian students a lot.

Hope Pakistani rupee will remain stronger against Australian Dollar.

 

[Tridibans]

the OP should be smacked by his a$$ for pointing at some one elses failure when we also miserably failed in the same race.
what an idiot?

Calm down buddy
Anyways, I think he is just posting a news. So whats the big deal?

 

[RazPaK]

LoL @ bhartis.

 

[Great Sachin]

If this NATO access is not open ..Pakistan Rupee will touch 120

 

[Pakistanisage]

No problem. When the dollar hits 100 rupees, we will get rid of lower denominations so $1 = 1 PKR.

Problem solved ( just like Turkey did in 2004 ).

 

[VCheng]

No problem. When the dollar hits 100 rupees, we will get rid of lower denominations so $1 = 1 PKR.

Problem solved ( just like Turkey did in 2004 ).

Great idea, except ever think what it will do to the price of Pakistan exports?

 

[farhan_9909]

record low?

i think record low was 93

though if you check.latest pkr/inr exchange

now 1inr=1.67pkr

used to be

1inr=1.94pkr

i think 95 might repeat again

 

[illusion8]

What a coincidence. Indian rupee also hit a record low today. Looks like the rising oil prices have really begun to hurt the developing world.

It's high time to switch to alternative sources especially nuclear energy; thorium in India's case.

Thorium is the only solution to our (India's) energy problems.

Oil prices have come down and stabilized, its more to do with loss of confidence on the Euro an people and organizations stocking up on USD. The demand for the greenback has reached unprecedented levels all over.

 

[illusion8]

Fitch downgraded Japan's sovereign ratings.

Pakistan's Economy is in shambles

+1, that's for sure.

Pakistan is set to pay an amount of 258.4 million SDR or $393.75 million (1 SDR = US$ 1.52369 on May 17) on May 25 as the second installment to the IMF since February 24, 2012 against the scheduled payment of $8.994 billion to be repaid by FY16.
The low inflows expanded the country’s current account deficit to $3.394 billion during July–April 2011-12.

The country is also facing challenges on foreign exchange side, which are depleting due to huge repayment of IMF loan programme. The central bank is set to release another tranche to the IMF this week under stand-by arrangement of $8 billion before end of current fiscal year, which would result in further fall in reserves position.

 

[VCheng]

Oil prices have come down and stabilized, its more to do with loss of confidence on the Euro an people and organizations stocking up on USD. The demand for the greenback has reached unprecedented levels all over.

Oh dear. What a strange thing to happen to the global reserve currency that is "scheduled" to meltdown soon!