In a first, rupee crosses 180 mark to the dollar

[INDIAPOSITIVE]

KARACHI: The rupee crashed to an all-time low against the dollar on Thursday, crossing the 180 threshold in the interbank market.

The local currency fell 0.35pc (or 63 paise) against the US currency to close at Rs180.07, according to the State Bank of Pakistan (SBP) data.

With the fresh slide, the rupee has now lost around 2pc since the beginning of this year. It started the year at 176.51 before recovering to its strongest point of around 174.5 sometime early in February.

Last year, the local currency lost around 11 per cent in the interbank market, starting 2021 at 159.2 and then hitting 176.51 by the close.

The rupee has touched a record low at a time when the country is facing a political interest amid the opposition parties’ plan to oust Prime Minister Imran Khan through a vote of no-confidence.

In the open market on Thursday, the rupee’s buying and closing rates stood at 179.80 and 180.80 against the dollar.

Currency dealers earlier said the demand for greenbacks was high despite falling oil prices on the international market. The dollar gained up to 25 paise against the rupee on Tuesday. Market experts said the dollar would maintain a bullish trend due to high oil prices and a subsequent increase in the import bill.

In a first, rupee crosses 180 mark to the dollar

"The dollar will maintain a bullish trend due to high oil prices and a subsequent increase in import bill," market experts say.

www.dawn.com

https://twitter.com/x/status/1504459683234516993

https://twitter.com/x/status/1504409348734337033

 

[CIA Mole]

KARACHI: The rupee crashed to an all-time low against the dollar on Thursday, crossing the 180 threshold in the interbank market.

The local currency fell 0.35pc (or 63 paise) against the US currency to close at Rs180.07, according to the State Bank of Pakistan (SBP) data.

With the fresh slide, the rupee has now lost around 2pc since the beginning of this year. It started the year at 176.51 before recovering to its strongest point of around 174.5 sometime early in February.

Last year, the local currency lost around 11 per cent in the interbank market, starting 2021 at 159.2 and then hitting 176.51 by the close.

The rupee has touched a record low at a time when the country is facing a political interest amid the opposition parties’ plan to oust Prime Minister Imran Khan through a vote of no-confidence.

In the open market on Thursday, the rupee’s buying and closing rates stood at 179.80 and 180.80 against the dollar.

Currency dealers earlier said the demand for greenbacks was high despite falling oil prices on the international market. The dollar gained up to 25 paise against the rupee on Tuesday. Market experts said the dollar would maintain a bullish trend due to high oil prices and a subsequent increase in the import bill.

In a first, rupee crosses 180 mark to the dollar

"The dollar will maintain a bullish trend due to high oil prices and a subsequent increase in import bill," market experts say.

www.dawn.com

https://twitter.com/x/status/1504459683234516993

https://twitter.com/x/status/1504409348734337033

INR performance in last decade is same

 

[Jugger]

Exporters will benefit from this, but alas! Pakistan does not export much stuff.

 

[AZ1]

imagine if remittance goes down at this time due to corruption happening what can be seen on tv

 

[kris]

INR performance in last decade is same

That Will help us in exports

 

[Black Tornado]

INR performance in last decade is same

It has been good for past years, except the recent Russian invasion.

 

[Indos]

Yesterday is the start of The Fed tapering, it is interesting if some one can post whole developing countries currency since the start of 2022 until Today.

Fed Tapering and Its Impact on Emerging Economies

Taper tantrum became a colloquial term in the financial markets community back in 2013.

info.ceicdata.com

 

[Indos]

That Will help us in exports

Double swords, government and private sector foreign debt will increase

Inflation will be higher due to India large energy import

More inflation, currency will fall further, to avoid it falling too much, India Central Bank will increase interest rate, then it will affect real sector and domestic consumption (GDP components)

 

[Black Tornado]

Double swords, government and private sector foreign debt will increase

Inflation will be higher due to India large energy import

More inflation, currency will fall further, to avoid it falling too much, India Central Bank will increase interest rate, then it will affect real sector and domestic consumption (GDP components)

We’re importing cheaper Russian petroleum so we’re not going to face any high oil prices issue (hopefully).

 

[Indos]

We’re importing cheaper Russian petroleum so we’re not going to face any high oil prices issue (hopefully).

Discounted price is reported around 20-30 % of Brent price, you made the deal when the Brent is still 125 USD, now it has down in 100 USD.

India imports for Russian oil will prompt other countries to do the same, like now BD has made Currency swap deal with Russian. More buyer comes, the price discount will not be too far from international price.

Until now, teoritically countries still can buy Russia energy commodities, US and the West just make it more difficult, but countries can still make transaction like Germany and other European countries do, even Britain still wants to buy Russian energy and just try to reduce it gradually.

 

[AZ1]

Remittances main izafa hoga because remittances foreign currencies main hoti hain and foreign currency to expensive ho rhi ha

Roshan digital account is due to pti so overseas pakistan will see it differently afterwards

 

[vi-va]

Discounted price is reported around 20-30 % of Brent price, you made the deal when the Brent is still 125 USD, now it has down in 100 USD.

India imports for Russian oil will prompt other countries to do the same, like now BD has made Currency swap deal with Russian. More buyer comes, the price discount will not be too far from international price.

Until now, teoritically countries still can buy Russia energy commodities, US and the West just make it more difficult, but countries can still make transaction like Germany and other European countries do, even Britain still wants to buy Russian energy and just try to reduce it gradually.

Most India crude oil imported from ME, while Ural crude oil is different.

India can only import small amount of Russian oil, until refinery upgraded.

 

[HttpError]

imagine if remittance goes down at this time due to corruption happening what can be seen on tv

If remittances are taken-off you can expect PKR to hit 300 within in no time.

 

[Indos]

Most India crude oil imported from ME, while Ural crude oil is different.

India can only import small amount of Russian oil, until refinery upgraded.

Yup, true, refinery is not like a processing water tank, it is built specifically for certain kind of oil, this is why India choses ME oil since the transportation cost is cheaper while Western Europe choose Russian oil due to benefit in reducing transportation cost as well.

 

[vi-va]

Yup, true, refinery is not like a processing water tank, it is built specifically for certain kind of oil, this is why India choses ME oil since the transportation cost is cheaper while Western Europe choose Russian oil due to benefit in reducing transportation cost as well.

Exactly. Refinery was designed and built base on the oil. US has excess crude oil, but refineries around the Gulf of Mexico insisted importing crude oil from Venezuela.

Venezuela oil is heavy oil, it's cheaper than light oil, also the refinery was built to process Venezuela oil.

While US shale oil is light oil.