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Rupee slides further to Rs150 against USD; stock market down 2.4pc in intra-day trade

Clutch

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Aug 3, 2008
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Part of the IMF loan agreement is to allow the Pak rupees to float in the open market and not artificially strengthen it.

PML-N Isar Daar had borrowed and pumped $7billion dollars to keep the rupee artificially strengthened.

It's the market that determines the rupee value now.

Want a stronger rupee? ... Pay your taxes and export.

There is no free lunch in life... You always have to pay the piper for your sins one day.
 

Wa Muhammada

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Aug 17, 2017
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Sometimes a effective corrupt man is more valuable than a useless honest man with good intentions. Assuming nawaz shariff is actually corrupt.
Its like corrupt but effective man increases gdp by 100 % but keeps a 5 % cut.
While the well intentioned man increases gdp by 10 %.
Do the maths.

Yes he was better than IK because nothing has changed at the ground level it’s actually getting worse...it’s just a different group of ppl getting richer.

The problem with NS is that he is synonymous with corruption. I’m an avg citizen and each time I need to get something done - buy a property you’v gotto pay the whole hierarchy or if you want to register a FIR you can’t unless you have sifarish and the police behaviour is atrocious!?!

Nawaz Sharif would have had much more appreciation from the awaam if he had rooted out this bloody corruption.

But for me his killer mistake was attacking/attempting to change the khatm e nabuwwat legislation - as a Muslim, my emaan is that if I lose money, Allah ta’ala will give me more but dishonouring our Prophet MUhammad صلى الله عليه وآله وسلم ﷺ is a red line for people with any ghairat. Now NS admirers and the liberal brigade can say what they want but that is unacceptable- and PTI had their greasy hands in this as well...as did most of Parliament-this is why this whole rotten system needs to be overhauled.
 

Pakistani Fighter

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Jul 4, 2011
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Rupee slides further to Rs150 against USD; stock market down 2.4pc in intra-day trade
ReutersMay 17, 2019

5cde579bd16ff.jpg

The stock market declined on Friday, with the benchmark KSE-100 index down 2.4pc by 11:15am. — AFP/File

The rupee continued to fall to record lows on Friday, after the government agreed in principle to a $6 billion loan from the International Monetary Fund (IMF).

The rupee, which lost 3.6 per cent on Thursday to close at 146.2 against the US dollar in the interbank market, dropped further on Friday, dealers said, selling at Rs149.50 in the interbank market and Rs150 in the open market.

The fall reflects the IMF's condition for a “market-based exchange rate mechanism, which will see limited intervention by the central bank now,” said Saad Hashmi, chief economist and research director at Topline Securities in Karachi.

The stock market also declined on Friday, with the benchmark KSE-100 index down 2.4pc by 11:15am.

While the exact conditions of a final IMF deal are still unknown, Sunday's Staff-Level accord, which must still be approved by the Fund's board in Washington, said a “market-determined” exchange rate would help the financial sector.

That pointed to less support from the State Bank of Pakistan, which at present underpins the rupee in a de facto managed float system.

Late on Thursday, the SBP issued a statement saying the sharp fall in the rupee “reflects demand and supply conditions in the foreign exchange market” and would help in correcting market imbalances.

However, the drop presents a political problem for the government, which came to power last year promising to build a new social welfare system and vowing not to seek what would be Pakistan's 13th bailout since the 1980s.

With the economy facing a sharp slowdown in growth, the government is expected to have to raise taxes or impose heavy spending cuts to reduce its ballooning budget deficit at a time when household budgets are increasingly squeezed.

While many analysts see the rupee as overvalued and say the SBP has wasted billions defending it, a weaker currency is likely to fuel inflation, which is already over 8pc, with power and fuel prices hit especially hard.

Hashmi noted market talk that oil imports were already facing payment pressure.

The SBP, which is due to announce its latest interest rate decision on Monday, said late on Thursday that its foreign exchange reserves fell $138 million in the week ending May 10 to $8.846 billion, less than needed to cover three months of imports.
Time to kick Niazi out
 

Sunan

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Jul 31, 2011
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Nawaz shariff was a good administrator. He gave Pakistan -
1. Good motorways which they are proud of.
2. At start of his term, the power supply was abysmal but now the condition is vastly improved.
3. The railways are again chugging.
4. Kept the rupee in control. For comparison the BD takka is at 83 to the usd.

Only problem was he wanted to have good relations with India. And that is not acceptable to a certain section who will lose their perks in case of a friendly relationship with the arch enemy.

DON'T BAN ME.
You forget about terrorism.NS erased terrorism, his economic team also funded Military Operation for eradication on terrorism in Pak.Hw just want to trade with india for the benefit of Pakistan but Boss Boss don't like it,Irony is big boss himself is doing business with india in all those years (Foji Foundation Cement).Hippocrate Big boss will be humiliated along with its Puppets IN Sha ALLAH.:pakistan:
 

Pubg1

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Apr 12, 2019
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Yes he was better than IK because nothing has changed at the ground level it’s actually getting worse...it’s just a different group of ppl getting richer.

The problem with NS is that he is synonymous with corruption. I’m an avg citizen and each time I need to get something done - buy a property you’v gotto pay the whole hierarchy or if you want to register a FIR you can’t unless you have sifarish and the police behaviour is atrocious!?!

Nawaz Sharif would have had much more appreciation from the awaam if he had rooted out this bloody corruption.

But for me his killer mistake was attacking/attempting to change the khatm e nabuwwat legislation - as a Muslim, my emaan is that if I lose money, Allah ta’ala will give me more but dishonouring our Prophet MUhammad صلى الله عليه وآله وسلم ﷺ is a red line for people with any ghairat. Now NS admirers and the liberal brigade can say what they want but that is unacceptable- and PTI had their greasy hands in this as well...as did most of Parliament-this is why this whole rotten system needs to be overhauled.
Did corruption start with nawaz shariff in Pakistan?
Japan used to have yearly changes in PM due to corruption charges.
China is famous for its corruption.
All these countries are doing well in spite of corruption.
Pakistan should have a singular focus on improving its economy. Take the help of the devil if required.
Indians at decision making level detest usa but are focusing on workng with it to improve its economy. Similarly China. It does not let all the military rhetoric interfere in its economic relationship with the west.
Pakistan has good infrastructure now. Good roads, power. Now it needs skilled man power. And gradual replacement of low skilled products with indegenous ones.
Also a critical mind. Ask why is China still investing in new industry in Vietnam but not in Pakistan?
China basically forced the west to ooen factories in China before giving access to their market.
Why is Pakistan not doing the same? Pakistan has a market of 200 m.
Let the chinese take the risk of investment like in Vietnam. Don't give them assured returns.
Regarding your last point, I am a non believer so can't comment.
 

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