PKR plummets to all-time low of 255 against USD (268.3 Now!)

[AZ1]

https://twitter.com/x/status/1618934506932809728

 

[TheDarkKnight]

Rupee breaches 270 against USD as downward spiral continues | The Express Tribune

Rupee devalued by 7.5% to record-breaking low on third consecutive day of losing streak

tribune.com.pk

 

[villageidiot]

Only because I was betrayed by my own government, and not because of any economic issues or desires.

Was that you, in the news 13 years back? For context, there was an Pakistani undercover agent in the US whose cover was blown and his agency disavowed him. He did his time and decided to embrace his esrtwhile enemy.

I have mentioned it on PDF in detail many times. Many here know about it. Briefly, I was betrayed by the government reneging on promised support by Nawaz Sharif in a previous economic crisis very similar to the current one, and I did not let that stop my studies. And here we are.

My bad. So it wasn't you in the news. BTW, from what I understood, NS betrayed you, not your country. IMO, you should vote PTI. IK's big into overseas Pakistanis. You'll get a right to vote too.

Even half-wits would know that such caps are futile.

You, sir, are overestimating the wit of the best Pakistan has to offer.

 

[Genghis khan1]

Pakistani exports and Remittances are about to explode and touch the sky.

 

[AZ1]

272

 

[ghazi52]

The Pakistani currency surpassed Rs270 against US dollar for the first time at noon on Monday in the interbank market, as the government surrendered its control over the exchange rate to satisfy IMF demands.

 

[VCheng]

BTW, from what I understood, NS betrayed you, not your country.

Without going into details, the betrayal was by the country, and not just to me, but many other talented young people. NS was given the money to hand out as tips just to illustrate the profligacy, while students who were promised support had to go hungry, quite literally. Those who returned were not asked to pay back anything, so all that prior support went to waste. Those who dared defy the orders were punished by asking for all prior support to be returned. So the choice, officially, was to go back after wasting years with nothing to show for it, or to scramble, finish and pay back a huge amount. This betrayal was official by the State of Pakistan.

The Pakistani currency surpassed Rs270 against US dollar for the first time at noon on Monday in the interbank market, as the government surrendered its control over the exchange rate to satisfy IMF demands.

People are having difficulty at 292 in the open market as of yesterday.

 

[villageidiot]

Without going into details, the betrayal was by the country, and not just to me, but many other talented young people. NS was given the money to hand out as tips just to illustrate the profligacy, while students who were promised support had to go hungry, quite literally. Those who returned were not asked to pay back anything, so all that prior support went to waste. Those who dared defy the orders were punished by asking for all prior support to be returned. So the choice, officially, was to go back after wasting years with nothing to show for it, or to scramble, finish and pay back a huge amount. This betrayal was official by the State of Pakistan.



People are having difficulty at 292 in the open market as of yesterday.

Sorry to hear, man. Esp, the fact they demanded you pay back previous scholarship funds is truly fucked up. Glad you made it.

 

[VCheng]

Sorry to hear, man. Esp, the fact they demanded you pay back previous scholarship funds is truly fucked up. Glad you made it.

Thank you, but I still think of so many who did not make it. Now you can guess where I am coming from, but, life is good now, alHamdoLillah.

Back on topic, PKR has been in the ICU for a while now, but this crisis is approaching cardiac arrest status.

 

[my2cents]

IMF is right. The government should never have control over something that should be left to the market forces to determine so that no political meddling is possible. Let PKR value float and let it go where it does. That is the only correct and enduring solution.

That is good for stabilizing the dollar. But your govt. should be able to buy and release dollars into market to keep dollar in check. For that you need dollar reserves.

 

[Ssan]

This is bad I think we are entering hyperinflation period.

The rupee has no ceiling now. It will just keep increasing. I guess people will always ask the question- how will you pay back the 20-25$ bn payment that is due for every year for the next three years if you are not even running a positive primary CAD?

The closest equaivalence to this was what happened in Turkey in the 90s. The military there did a soft coup against Erbakan. He played it smart. The follow up govt could not handle the economy. There was hyperinflation after which AKP got the mandate.

I think something like that might be playing out here.

 

[TheDarkKnight]

Without going into details, the betrayal was by the country, and not just to me, but many other talented young people. NS was given the money to hand out as tips just to illustrate the profligacy, while students who were promised support had to go hungry, quite literally. Those who returned were not asked to pay back anything, so all that prior support went to waste. Those who dared defy the orders were punished by asking for all prior support to be returned. So the choice, officially, was to go back after wasting years with nothing to show for it, or to scramble, finish and pay back a huge amount. This betrayal was official by the State of Pakistan.



People are having difficulty at 292 in the open market as of yesterday.

That definitely is a betrayal with you and rest of your colleagues.

 

[SoulSpokesman]

@VCheng sb,

Really sorry to have heard of your painful experiences

Regards

 

[VCheng]

That definitely is a betrayal with you and rest of your colleagues.

@VCheng sb,

Really sorry to have heard of your painful experiences

Regards

No worries. Life is whatever one makes of it despite all the trials and tribulations. All the pain only makes the peace so much more enjoyable, just as failure is what makes success sweet.

Now back on topic, even if this present crisis tides over, how in the world can Pakistan plug a 40 billion dollar hole in its finances every year, only to increase said hole even more year after year? The value of the PKR can only depend on what Pakistan can support it with economic productivity.

 

[INDIAPOSITIVE]

https://twitter.com/x/status/1620002625952571392