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Rupee loses further ground to trade at 164.5

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Rupee loses further ground to trade at 164.5

By Salman Siddiqui
Published: June 27, 2019

2001203-dollarReu-1561615600-339-640x480.jpg

PHOTO: FILE

KARACHI: The rupee continued its downward drive in search for a base for a second successive day on Thursday.

The currency further weakened by Rs2.34 to Rs164.50 to the US dollar during intra-day trade in the inter-bank market.

The rupee closed at Rs162.16 on Wednesday, according to the State Bank of Pakistan (SBP).

Experts said the trend in rupee is seen ahead of the International Monetary Fund’s (IMF) executive board meeting on July 3 to consider giving the final approval for a bailout worth $6 billion for Islamabad.

Apart from that the freefall in the rupee is seen since the government recently ended its control over rupee under IMF condition and let market forces – mostly the banks – decide rupee-dollar exchange rate keeping in view the demand and supply situation of the foreign currency in the system.

To recall, Pakistan foreign currency reserves stand insufficient at $7.69 billion.

Experts said Pakistan is to make big import and foreign debt repayments before the outgoing fiscal year ends on June 30, 2019.

The situation; low reserves and high international payments, kept mounting pressure on rupee against the dollar.

On Wednesday alone, the rupee fell by a significant 3.3% to Rs162.16 to the greenback.

https://tribune.com.pk/story/2001203/2-rupee-loses-ground-trade-164-5/
 
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I am going to reserve the post for 200 from now on.

If anyone want to buy that post's headline pm me ..
 
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There is no point trying to avoid the unavoidable.....
Instead pak govt should proactively devaluate pkr
 
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Tabdeeli ya tabaahi?

The way the PTI government is going, Pakistan will become bankrupt. Maybe that is the "tabdeeli" that PM was talking about.
 
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One should always keep in mind that this is happening even before the annual budget is approved by the Parliament.

On the flip side it will massively help the millions and millions of tourists who visit Pakistan and cherish the wonder that it is.
 
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Sh1t happens. Inshallah things will improve, IK is working hard and is an honest leader.
 
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Its painful yet right thing to do considering current external trade situation of Pakistan. It will ultimately tame the import and bring about a balanced trade.
 
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on the other hand Bitcoin is up by 175%. Is it a coincidence? I dont think so.The money laundering is being done via Currencies.
 
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in layman's term, pakistan debt keeps growing by the hour......it has already spiked 20~25% just by devaluation of the currency......loans are just like a cherry on the cake.......government has to pay back in dollars.......this captain needs some serious new team building.

Right time to buy dollars and sell after 1 year, minimum 10% revenue assured.
 
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Man this is really worrying.... where will it stop?????
 
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on the other hand Bitcoin is up by 175%. Is it a coincidence? I dont think so.The money laundering is being done via Currencies.

Actually that process started way back when Panama was not even disclosed to the public eye.

Unfortunately there are no laws regarding digital currencies in Pakistan and thus there is no stopping this.

But on the soft power side you can argue Pakistanis are so bright and so advanced that they use digital currencies?
 
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I think they are looking for a rate of 180 rupees for one $. Famous economic analyst Farrukh Saleem told in one program yesterday that he has been informed about some LNG future contracts by government of Pakistan where the projected rate for a $ for 2019/2020 for LNG import is expected to be around 180 rupees.
 
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