Rupee firms against US dollar

[FalconsForPeace]

Rupee rises to 101.40 to a dollar

The Pakistani rupee maintained its upward momentum as the local currency on Monday made fresh gains against the US dollar in the currency market.

Foreign exchange dealers said the rupee gained impressively by one rupee and 75 paisas against the greenback in early morning trade in the open and interbank markets. The rupee is trading at 101.40 to a dollar in the interbank market. Market dealers said anticipation of fresh dollar inflows from the International Monetary Fund, Coalition Support Fund and the rise in workers’ remittances was having a positive impact on the rupee value.

It may be pointed out that in the last three months, Pakistani currency gained around 5 percent against the dollar recovering from the historic lows of 108.65 to a dollar in the first week of December 2013. The rupee lost a whopping 9 percent versus the greenback in the first six months of the current fiscal year.


Rupee rises to 101.40 to a dollar | Pakistan Today

 

[alibaz]

Did he bet on it?

Yes he said on tv that if dollar comes to Rs 99 he will resign.

 

[Secur]

This is the result of deferred payments for oil and other similar covert support from the Middle East and is a temporary bubble only.

Conspiracy theory ? You might want to provide something more to substantiate that claim of yours , since we haven't heard anything remotely close to that , in the recent times . Seriously what is it with your extreme pessimism , mate ?

 

[VCheng]

Conspiracy theory ? You might want to provide something more to substantiate that claim of yours , since we haven't heard anything remotely close to that , in the recent times . Seriously what is it with your extreme pessimism , mate ?

What pessimism? The fundamentals of the economy and the balance of payments have not changed in any substantial way. The power sector continues to be crippled. Such sudden manipulations are going to be short-lived for they do not have any legs to stand upon. We have seen this many times before.

 

[maxpayne]

This is the result of deferred payments for oil and other similar covert support from the Middle East and is a temporary bubble only.

We have 1.1 month reserves but our cash in and out is same. So when we have some bucks in our pockets, we'll have better and sustained outlook. And a good image to investors too. This time is crucial, after which we can sustain the "bubble". Good policy by current gov

Yes he said on tv that if dollar comes to Rs 99 he will resign.

I'm waiting for that clown who only looks better when he is not in gov

 

[Dubious]

In last two days PKR has appreciated by 4-5% against US Dollar. Any conspiracy theories to support this appreciation, despite adverse economy.

@Aeronaut @jaibi @Azlan Haider @Talon @BATMAN @batmannow @fatman @F.O.X. @Alpha1

underground dealing

 

[Panther 57]

This is the result of deferred payments for oil and other similar covert support from the Middle East and is a temporary bubble only.

Exactly, a personal deal between the Royal family and KSA in lieu of ceasing operations against TTP.

 

[rohailmalhi]

Actually it is more like , State bank jumped in to regulate the price . They are devaluing the dollar so that currency investors release all the dollar they have to the market or state bank.

Its simple demand and supply. I think the trend will continue for few more days may be. Right now it is around 100.95

 

[SBD-3]

Actually it is more like , State bank jumped in to regulate the price . They are devaluing the dollar so that currency investors release all the dollar they have to the market or state bank.

Its simple demand and supply. I think the trend will continue for few more days may be. Right now it is around 100.95

Keeping confidentiality in tact, SBP is doing more than just jumping in to regulate the market. Some innovative tricks have paid off really well.

 

[VCheng]

Keeping confidentiality in tact, SBP is doing more than just jumping in to regulate the market. Some innovative tricks have paid off really well.

Such trickery, no matter how innovative, in support of the PKR in the face of an adverse balance of payment is a violation of the SBP's commitments to the IMF and will soon stop, if it is indeed happening.

We have 1.1 month reserves but our cash in and out is same. So when we have some bucks in our pockets, we'll have better and sustained outlook. And a good image to investors too. This time is crucial, after which we can sustain the "bubble". Good policy by current gov...........

Investors will not be fooled by this bubble.

 

[Chak Bamu]

Exactly, a personal deal between the Royal family and KSA in lieu of ceasing operations against TTP.

I call Bull$hit on this.

An insidious rumor like this one can not be substantiated and that is precisely why it will gain traction. Now many people are going to run with this.....

 

[BATMAN]

Exactly, a personal deal between the Royal family and KSA in lieu of ceasing operations against TTP.

You your self is running conspiracy theories.
Definitely, there has been relatively better security situation as compare to Zardari, TTP is on the run.
And there are announcements of investments from UAE, KSA & China.
Pakistan is also showcasing its defence products, and we are optimistic of big news sooner than later.
All of these factors, ought to have positive effect on Pakistan currency.
Sharif may be an idiot but he is better than Zardari and Imran Khan, still long way to come any where close to Musharraf bench mark.

 

[rohailmalhi]

Such trickery, no matter how innovative, in support of the PKR in the face of an adverse balance of payment is a violation of the SBP's commitments to the IMF and will soon stop, if it is indeed happening.

They are not doing anything illegal just regulating the market. I dont think IMF can dictate if State Bank can or cannot go against foreign currency (Dollar) investors.

Even if stops these steps make sure that the situation remains ambiguous for foreign currency investor. So these steps might help keep the dollar in around 100 for sometime .

 

[VCheng]

I dont think IMF can dictate if State Bank can or cannot go against foreign currency (Dollar) investors.

One of the imposed conditions for the latest IMF program was no support of the value of the PKR.

 

[karan.1970]

Its mostly the Dollar losing ground instead of Rupee gaining ground. Even Indian rupee has gained close to 2% against dollar in last 4-5 days.. So has Pakistani Rupee