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Rupee hits all-time low as dollar rises to Rs203 due to oil payments, IMF uncertainty

Salza

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The rupee fell sharply against the dollar in interbank trade on Tuesday morning to hit an all-time low of Rs203, with analysts attributing the local currency's decline primarily to oil-related payments and uncertainty surrounding the resumption of the International Monetary Fund's loan facility.

According to the Forex Association of Pakistan, the greenback gained Rs2.40 against the previous day's close of Rs200.40 to rise to Rs203 around 11:30am. (The FAP's closing rate of the previous session is slightly higher than the official rate of Rs200.06 released by the State Bank of Pakistan).

In the open market, the dollar was trading at Rs204 around 12:15pm.

Saad Bin Naseer, director of Mettis Global — a web-based financial data and analytics portal, explained this yet "another dip" in the rupee's value after it weakened against the dollar by more than Rs2 on Monday as a consequence of the currency market being roiled by "decline in [foreign exchange] reserves and oil-related payments".


Moreover, he said, the rupee was also under pressure in view of the upcoming Financial Action Task Force meeting next week.

"All of these factors combined with the uncertainty surrounding the resumption of the International Monetary Fund programme and China’s refinancing of $2.3bn have pushed the rupee to a new low," Naseer told Dawn.com.


@muhammadhafeezmalik
 

Enigma SIG

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Miftah Ismail driving the economy while screams of ammi jee ammi jee Imran Khan Imran Khan come out of PML-N's top leadership.
 

SoulSpokesman

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I dont know why Moodys is downgrading PK ratings and why forex markets (read speculators) are driving the PKR down further. Inspite of oil price increase, cut in def exp (in real terms) and stated willingness to restructure the PK economy. Seems to be a conspiracy against the Pak state.

Regards
 

Olympus81

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Rs 203 now.

That would mean oil prices needing to be adjusted even higher.

From 170 to 203 Rs in a matter of 2 months.

Chor ke raaste se aane waaley hukumraan.
 

Clutch

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I dont know why Moodys is downgrading PK ratings and why forex markets (read speculators) are driving the PKR down further. Inspite of oil price increase, cut in def exp (in real terms) and stated willingness to restructure the PK economy. Seems to be a conspiracy against the Pak state.

Regards

Lol.... The imported Government of beggars can't be choosers is a conspiracy against Pakistan.

Economic destruction is just part of the execution of the same conspiracy....
 

Madni Bappa

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Biden has finally succeeded in giving Pakistan $5 gas as well. Bravo!!!

Lol.... The imported Government of beggars can't be choosers is a conspiracy against Pakistan.

Economic destruction is just part of the execution of the same conspiracy....
Yes it's same concept as a Fire Sale. As seen in last Die Hard movie released circa 2013.

As you might've noticed as soon as these people came to power load shedding has increased. They will do everything in their power to make Pakistanis submit and willingly hand over nukes to Amreeka bahadur
 

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