Pakistani rupee plunges to Rs153 against US dollar

[Imran Khan]

@Imran Khan you can still put your hands up though ...

bhai main thak gya hoon . i am helpless too gov kaheen nazer nhi a rahi he should be in action a week ago

 

[Neptune_]

Yesterday 151. Today 153. Tomorrow ?

200.

It seems that Asian currencies have been depreciating recently. The devaluation of China yuan is also very serious.
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China is an export oriented country. Devaluation of Chinese currency is actually beneficial for China.

 

[On the Edge]

Very sad... very bad.

really? are you really sad for us?

dude now they buying euros and etc

at this rate they will buy Tomans from Tomato Farmers



by the governments own doings.

like you the government is living on the edge too

yep, its a plunge after the edge...

 

[American Pakistani]

Keep importing,...and $ will cross 200 mark before this year ends.

 

[randomradio]

A managed descent is far better than a sudden drop.

Therein lies the crux of the problem.

If the descent is managed, govts simply pass on the torch of cure to the next administration. In the end you wouldn't know what hit you. It's like getting diagnosed with late stage cancer after having ignored all the warning signs.

Soviet Union, Zimbabwe and Venezuela come to mind.

 

[Neptune_]

Virat and foremost Impose high tarrif on imported luxary goods.

 

[SecularNationalist]

it will hurt devaluing the rupee yes, but in the long term this makes Pakistan products cheaper and more attractive on the international market. the last government should have done this, bu instead kept the value up artificially by taking out loans to prop up the rupee.

yes our exports will be cheaper which will impact positively our balance of payments and will strengthen our rupee but that,s just little impact.Overall not much difference its gonna make

 

[Wa Muhammada]

Great time for local companies to take a risk by making a local good quality products which can replace the imported products

 

[jupiter2007]

Like i said few months back, it might go to Rs 165 against US dollar before it starts recovering. Also my perdition about IMF package signing in July 2019.

 

[Śakra]

Signs of hyperinflation are starting to appear

 

[maithil]

it will hurt devaluing the rupee yes, but in the long term this makes Pakistan products cheaper and more attractive on the international market. the last government should have done this, bu instead kept the value up artificially by taking out loans to prop up the rupee.

There is just one catch. Pakistan does not actually produce much to export. Export has been stagnant despite many "export packages" by government. IMF by the way has asked govt to withdraw such export subsidies. Which more likely will not help in improving exports. With lending rate of more than 15%, new industries are less likely to be started. This depreciation could have been a blessing in disguise. But govt's policies will not let it happen.

 

[Nothing]

There is just one catch. Pakistan does not actually produce much to export. Export has been stagnant despite many "export packages" by government. IMF by the way has asked govt to withdraw such export subsidies. Which more likely will not help in improving exports. With lending rate of more than 15%, new industries are less likely to be started. This depreciation could have been a blessing in disguise. But govt's policies will not let it happen.

Pakistan is competing with Bangladesh, China and other low-cost destination for exporting textile. Those destinations have invested in technology and infrastructure to bring production cost down for almost a decade. It will be difficult to gain much of the market share. But you guys can use your expertise in medical equipment and sportswear and become a world leader in next 5-7 years. But only the government can guide this transformation.

 

[Sine Nomine]

Virat and foremost Impose high tarrif on imported luxary goods.

Elites can't live without imported mall.Once i was checking tarrif on imported cars in BD it was almost 800% of price while in Pakistan it is around 150%.

 

[Cobra Arbok]

Very bad and very sad.

 

[pak-marine]

Its 154 now

http://www.forex.pk/open_market_rates.asp