PKR falls to historic low of 250 in open market due to ‘profiteering’

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Thanks to Neutrals.

 

[Wood]

Jaise aasman se barish barasti hai to wo wapis aasman ko nahi lout-ti

Hamare mulk main Dollar sirf weak hota hai.. it never reverses by 20%

25% appreciation, not possible. New support will be around ~240

I will agree with you guys if the devaluation of PKR was brought about by printing money. Typically, a planned fiscal deficit in budget will be funded by borrowing from state bank. Currency devaluation that results from such printing will not easily recover. But that is not what is happening with PKR right now. The currency is trading way below its REER. Within a span of days, PKR has fallen drastically. There has not even been enough time for Pakistan to print currency. So, I don't think this devaluation is because of an increase in money supply.

https://twitter.com/x/status/1549422103551791104

This current devaluation is fundamentally suspicious to me

 

[ziaulislam]

The rupee fell to an all-time low in the open market on Friday, trading as high as 250 against the dollar, according to data shared by the Forex Association of Pakistan (FAP).

A handout provided by FAP showed the rupee was trading at 250 against the greenback at 1:10pm but then recovered slightly to reach 247 by 4:20pm.

However, the local currency made small gains in the interbank after nearly two weeks of consistent decline in consecutive sessions.

According to the State Bank of Pakistan (SBP), the rupee closed at 239.37 in the interbank, up Rs0.57, or 0.24 per cent, compared to yesterday.

However, the FAP handout showed the rupee closed at 240 in the interbank market.

Saad Bin Naseer, director of Mettis Global — a web-based financial data and analytics portal, said panic had reigned in the curb market for the last two to three days because of which the common man was converting his rupees to dollars.

“Money changers are taking advantage of it. Panic is being created, the dollar is being kept at an elevated rate and profit is being made in dollars through trading,” he elaborated.

Money changers in the curb market were asking for rates of their choosing, he said.

The Mettis Global director said exporters and importers were not panicking but it was the common man “who believes he should [use] whatever money he has to buy dollars”.

Naseer added, however, that the “bubble” would burst soon.

The central bank should open advance counters so the panic and the manipulation could be stopped, he suggested. “The State Bank and government has biometric data. They can easily find out who is profiting by selling dollars at higher rates.”

Separately, Exchange Companies Association of Pakistan General Secretary Zafar Paracha said there was a shortage of dollars in the open market due to which the greenback was being traded at an all-time high.

Paracha said the dollar was being traded at Rs255 in Afghanistan, because of which the greenback was being moved “on a large scale” to the neighbouring country.

He called on the government to take steps to stop the “smuggling” of dollars and recommended that trade with Afghanistan be done using PKR.

The rupee had appreciated to Rs204.56 in the first week of July after touching 211.93 on June 22. It then kept losing its value against the dollar but registered a minor appreciation when the country reached its staff-level agreement with the International Monetary Fund (IMF) on July 15.

It had continued to fall in every session since then.

Earlier this week, Finance Minister Miftah Ismail had said the pressure on the rupee would “vanish” in a couple of weeks.

In a one-on-one conversation with Mosharraf Zaidi, CEO of advisory services firm Tabadlab, Ismail said the inflows of dollars into Pakistan would soon be higher than the outflow, resulting in a stable exchange rate.

PKR falls to historic low of 250 in open market due to 'profiteering'

Rupee makes small gains in interbank market after nearly two weeks of consistent decline.

www.dawn.com

Dollar increased 50 Rs during 3.5 years of PTI govt. It has increased more than 50 Rs in 3.5 months of imported experienced govt. Yet it was PTI govt that was called incompetent by opposition, media and neutrals. Will anybody apologize to PTI now?
View attachment 866064

@Wood @maithil @UKBengali @Bilal9 @ziaulislam @Patriot forever @Imran Khan @Signalian @blain2 @SQ8 @waz @Jango @Hyde @HRK @koolio @Ghazwa-e-Hind @ghazi52 @FOOLS_NIGHTMARE @muhammadhafeezmalik @El Sidd @Death Adder @Mav3rick @maverick1977

This was rate I sold at a month ago.(240)

I don't know what's the current rate

 

[General Dong]

Where is that idiot DG ISPR now

 

[Norwegian]

I don't know what's the current rate

It's 250

 

[General Dong]

I will agree with you guys if the devaluation of PKR was brought about by printing money. Typically, a planned fiscal deficit in budget will be funded by borrowing from state bank. Currency devaluation that results from such printing will not easily recover. But that is not what is happening with PKR right now. The currency is trading way below its REER. Within a span of days, PKR has fallen drastically. There has not even been enough time for Pakistan to print currency. So, I don't think this devaluation is because of an increase in money supply.

https://twitter.com/x/status/1549422103551791104

This current devaluation is fundamentally suspicious to me

Dollars are leaving Pakistan in droves

 

[koolio]

It's extremely depressing to see the currency in free fall thanks to the most disastrous regime change operation in history of Pakistan, and then you have neutral chief King maker running around and begging for loans what a pathetic bunch of loosers.

 

[Jango]

View attachment 866067

Is becharay ko poori zindagi yeh chawwal nhn bhoolay gi

 

[Wood]

Dollars are leaving Pakistan in droves

.. this is why I said IMF loans, bridging finance (with asset monetization) and deferral of future loan payments will bring PKR closer to its REER parity again.

 

[ziaulislam]

It's extremely depressing to see the currency in free fall thanks to the most disastrous regime change operation in history of Pakistan, and then you have neutral chief King maker running around and begging for loans what a pathetic bunch of loosers.

It's unstablity that's going to last till 2023 end.

Ik resignation may have back fired since he can't dismiss the govt via votes now and doesn't want to do it via streets as he would be blamed for economy if he does this.

 

[CrimeMinister]

Googled just now ? is it bug ? if not then is it effect of bajwa asking for support from USA ?

 

[SecularNationalist]

Googled just now ? is it bug ? if not then is it effect of bajwa asking for support from USA ?

The same exact reason why I am on this thread. I think it's a glitch as it happened few weeks ago

 

[AZ1]

https://twitter.com/x/status/1553027794027831298

 

[SecularNationalist]

The same exact reason why I am on this thread. I think it's a glitch as it happened few weeks ago

Now sure that's a glitch.
These are the real updated rates.

Currency Rates in Pakistan Open Market Dollar Rate

Forex.pk offers daily in open market Dollar rate & other currency rates as per Pakistani Market. Here you can find historical and today currency rates in Pakistan.

www.forex.pk

 

[SQ8]

Not entirely sure how this is all about the “neutrals”?

Pakistanis are profiting from screwing over other Pakistanis so technically its a rotten peoples just showing each other their faces…why isolate one part of society?