Pakistan Rupee now at Rs 125.5 to a US dollar in Interbank Market

[SunilM]

Another round of devaluation took place on Monday as the US dollar climbed to all-time high of Rs125.50 in the interbank market in early trading amid the recent spate of attacks on politicians ahead of general polls.

The dollar gained by a further Rs4 against the rupee to touch its new high in the interbank market, a private news channel reported. The dollar has gained by Rs20 in the interbank market since December 2017.

The greenback also reached its record high of Rs125.20 in the open market today, traders said.

Besides political instability before the elections set to be held on July 25, the rupee devaluation also shows signs of vulnerability in the country’s economy.

Pakistan’s external debt increased by Rs360 billion in a single day after the dollar strengthened in the market.

https://en.dailypakistan.com.pk/bus...-rs126-against-us-dollar-in-interbank-market/

I told you so.It will reach Rs 130 by August end and maybe Rs 150 to a dollar by year end.

UPDATE : It has reached 128.6 today itself!! Its a meltdown!!

UPDATE 2 : its reached 129.4 now. SBP has no dollars to save the Rupee!!

 

[slapshot]

BC pata nehin kidher lay kay jain gay is mulk ko... GOVT is stealing hard earned money from people with deprecation.

 

[bafxet]

Ha kise ko para? sub mall bano or potto k chakr ma han. Dewalea nikal dea ha mulk ka.....

 

[Imran Khan]

not bad less debt i have to pay

 

[SunilM]

BC pata nehin kidher lay kay jain gay is mulk ko... GOVT is stealing hard earned money from people with deprecation.

This is just a preperation for approaching the IMF.

https://tribune.com.pk/story/1758388/2-caretaker-govt-kick-starts-process-availing-imf-bailout/

Till now CPEC has not been the game changer which most Pakistanis thought it to be.

 

[BHarwana]

Great News. Pakistan needs to learn to produce more and import less.

 

[SoulSpokesman]

@SunilM

Sunil bhai

I told you so.It will reach Rs 130 by August end and maybe Rs 150 to a dollar by year end.

Why dont you put your money where your mouth is. You can place a USD billion bet against PKR.

Regards

 

[Novice09]

This is just a preperation for approaching the IMF.

https://tribune.com.pk/story/1758388/2-caretaker-govt-kick-starts-process-availing-imf-bailout/

Till now CPEC has not been the game changer which most Pakistanis thought it to be.

As of today... CPEC is nothing but just free access road to China... and on top of it Pakistan is going to pay for that...

 

[POPEYE-Sailor]

 

[slapshot]

Great News. Pakistan needs to learn to produce more and import less.

How is this great news? People are loosing money only difference is that its not on gunpoint.

 

[SunilM]

As of today... CPEC is nothing but just free access road to China... and on top of it Pakistan is going to pay for that...

Exactly. The repayment is going to start by mid 2019 which is going to add to the debt burden.

 

[AyanRay]

@SunilM

Sunil bhai

I told you so.It will reach Rs 130 by August end and maybe Rs 150 to a dollar by year end.

Why dont you put your money where your mouth is. You can place a USD billion bet against PKR.

Regards

And what will he do with all the gains made in PKR? If he tries to convert it to INR he is back to square one. Its an opportunity for you guys, see PKR and buy $s

 

[SunilM]

How is this great news? People are loosing money only difference is that its not on gunpoint.

Well people who have accumalated US dollars all this time as getting rich. You should have bought dollars. There is still time, buy US dollars!! Also a weakning currency does not mean there will be import substitution.Pakistan has a limited manufacturing base so it still needs to import most things including oil, which is going to get more expensive and input cost are going to increase which will makes exports further uncompititive.

 

[BHarwana]

How is this great news? People are loosing money only difference is that its not on gunpoint.

Yes people are losing money who buy imported commodities. With Dollar going up this will makes imports expensive and domestic production cheap. I think Govt should depreciate the rupee value more to make the economy more production based this will help Pakistan in growth.

 

[slapshot]

Yes people are losing money who buy imported commodities. With Dollar going up this will makes imports expensive and domestic production cheap. I think Govt should depreciate the rupee value more to make the economy more production based this will help Pakistan in growth.

Wah meray dost... local production hay kis cheez ki jo koi faida ho ga? From Needle to Car everything is imported and you are talking about local production.