Pakistani rupee plunges to Rs153 against US dollar

[Skull and Bones]

KARACHI: Pakistani rupee plunged to a new all time-low in the interbank and open market on Tuesday as it continues to lose value against US dollar.

The greenback saw an increase of Rs1.36, touching Rs151. In the open market, the rate increased to Rs153.

In the last four business days, the dollar has risen by Rs9.60 against the Pakistani rupee.

The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate.

https://www.thenews.com.pk/latest/474384-pakistani-rupee-plunges-to-rs153-against-us-dollar

 

[ni8mare]

Pakistani rupee plunges to Rs153 against US dollar


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KARACHI: Pakistani rupee plunged to a new all time-low in the interbank and open market on Tuesday as it continues to lose value against US dollar.

The greenback saw an increase of Rs1.36, touching Rs151. In the open market, the rate increased to Rs153.

In the last four business days, the dollar has risen by Rs9.60 against the Pakistani rupee.

The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate.

 

[AZ1]

Just came from bank

$1 buying and selling = 148.something.

 

[SecularNationalist]

Its all time record low
Man this is alarming situation.

 

[Novice09]

Just came from bank

$1 buying and selling = 148.something.

 

[xyx007]

KARACHI: Pakistani rupee plunged to a new all time-low in the interbank and open market on Tuesday as it continues to lose value against US dollar.

The greenback saw an increase of Rs1.36, touching Rs151. In the open market, the rate increased to Rs153.

In the last four business days, the dollar has risen by Rs9.60 against the Pakistani rupee.

The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate.

https://www.thenews.com.pk/latest/474384-pakistani-rupee-plunges-to-rs153-against-us-dollar

Don't worry we will survive without Dollar.
For all the chest-thumping, India and its nexus cannot win a war against Pakistan

 

[Vikki]

The fall has been rapid than what was expected...at this pace , the pkr touches 200 within two months and not at the end of the year as some people expected

 

[AZ1]

View attachment 561237

Google also said few months back $1 = 70 PKR

 

[chanikya]

Don't worry we will survive without Dollar.
For all the chest-thumping, India and its nexus cannot win a war against Pakistan

And they talk about India ?

 

[fisher1]

Tabdeeli is real

 

[SecularNationalist]

Google also said few months back $1 = 70 PKR

but right now google is right

 

[xyx007]

And they talk about India ?

We know your elements found in Local market. Don't worry , We can handle it.

 

[AZ1]

but right now google is right

If we take google as authentic then this thread is saying 153.

Only way to bring $ down is by banning exchangers and only bank should deal. This way who stock the $ will suffer when banks will keep the $ price low.

 

[ni8mare]

Dollar climbs to Rs152 in interbank market
Talqeen ZubairiMay 21, 2019
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The position of the KSE-100 benchmark index as at 1:40pm. ─ Photo courtesy dps.psx.com.pk

The value of the US dollar touched Rs152 in the interbank market on Monday, with the rupee falling Rs0.5 compared to yesterday's exchange rate.

The rupee fell to Rs153 against the dollar in the open market, DawnNewsTV reported.

The benchmark KSE-100 index also showed upward movement today, climbing some 132.14 points by 1:40pm following a drop of approximately 400 points by 12:30pm.

Since the beginning of this fiscal year, the rupee has lost more than 21pc of its value to the dollar.

According to Forex Association of Pakistan President Malik Bostan, “In the State Bank of Pakistan's view, the recent movement in the exchange rate reflects the continuing resolution of accumulated imbalances of the past and some role of supply and demand factors.”

The SBP yesterday raised its policy rate by 150 basis points to 12.25 per cent, 50bps above market expectations.

The bank had cited rising inflation as well as expectations of future inflation driven by a weak rupee, widening fiscal deficit and potential adjustments to the utility tariffs as the key drivers behind the rate hike.

The decline in the rupee’s value during the past two weeks and the lagged impact of previous bouts of depreciation have pushed up the prices of almost all essential items, including flour, dates, meat, fruit etc during Ramazan.

The bank said the “inflationary pressures are likely to continue for some time”, but added that it “will continue to closely monitor the situation and stands ready to take measures, as needed, to address any unwarranted volatility in the foreign exchange market.”

The rupee began its downward spiral last week on the back of the signing of a bailout agreement with the International Monetary Fund (IMF). The IMF had, in its statement on the programme, referred to a “market determined exchange rate”, which the financial markets did not take very well.

Resultantly, speculation broke out in the forex markets, with small and large investors looking towards the greenback, and some currency dealers hoarding dollars, leading to a shortage in the market.

 

[fisher1]

If we take google as authentic then this thread is saying 153.

Only way to bring $ down is by banning exchangers and only bank should deal. This way who stock the $ will suffer when banks will keep the $ price low.

Do you know what open market is?