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

[epebble]

Stabilize? LOL. The PKR has simply no economic backing. There is only one way it will go, and it is not up. Heck, not even steady, but down, sometimes fast, sometimes slow, sometimes drastically, but it will go down.

I have not followed Sri Lanka carefully as the crisis happened very fast. Everything normal (except Covid) and one day they show an army of Sri Lankans suddenly in Prime Minister's house. But somehow LKR has stabilized after May 2022 at 360 per USD. Can Pakistan just copy whatever Sri Lankans are doing?

 

[VCheng]

. Can Pakistan just copy whatever Sri Lankans are doing?

Pakistanis will do what they want to do, and reap the consequences, good and bad, simply put.

 

[Dalit]

"They call me a rotten corpse, but I am far worse than that".

 

[POPEYE-Sailor]

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[epebble]

LOL. The fooker NS as PM gave more to the doorman at the Dorchester as tips in a few days than what they refused to give what they were legally obligated to provide to not just me, but all students in a similar bind. Is that nefarious enough?

Sounds terrible. So, they just reneged on the promised scholarship for no reason at all? Was there not a legal recourse? I know it is not easy to sue your own government from a foreign country. May not even be possible.

 

[VCheng]

Sounds terrible. So, they just reneged on the promised scholarship for no reason at all? Was there not a legal recourse? I know it is not easy to sue your own government from a foreign country. May not even be possible.

LOL. To add insult to the injury, everyone was ordered to go back immediately, having wasted years pursuing the degrees in fields crucial to scientific development back home. Years wasted, for what? No, sorry, I do not play that way.


(I did pay back every penny I owed for not obeying them, for the record. It took me ten years.)

 

[epebble]

I did pay back every penny I owed for not obeying them, for the record.

Admirable, I would have said go pound sand.

 

[VCheng]

Admirable, I would have said go pound sand.

I don't play that way either.

 

[Dalit]

Sit back and relax folks. Just enjoy. This is what the Pak army wanted. Imran Khan had already predicted an economic collapse. He wasn't crazy. It is coming. The people of Pakistan deserve this. That is the bitter truth.

 

[maithil]

From https://www.dawn.com/news/1733705/pkr-plummets-record-961pc-in-interbank-after-price-cap-lifted
I see two statements:

The Pakistani rupee plunged to a record low of Rs255.43 against the dollar in the interbank market on Thursday, sliding Rs24.54 or 9.61 per cent from yesterday’s close, after the removal of an unofficial price cap on the exchange rate.

and

Separately, the PKR was being traded at Rs255 per dollar — also a record low — in the open market around 11:40am, according to data from the Forex Association of Pakistan.

So, somehow two numbers exist, though the difference is miniscule and may be attributed to snapshots at different times.

But the line that is more interesting is:

However, there were no sellers, only people looking to buy the greenback at the moment, he added.

That may mean people are hoarding dollars and are running away from depreciating PKR.

So what's the point of this exercise if even at 255 Dollars are not available . This looks like a new cap.

 

[epebble]

So what's the point of this exercise if even at 255 Dollars are not available . This looks like a new cap.

Best to ignore any concept of rate and think of it as a flea market. It is a Darwinian world where you grab what you can at the price being asked.

 

[maithil]

I have not followed Sri Lanka carefully as the crisis happened very fast. Everything normal (except Covid) and one day they show an army of Sri Lankans suddenly in Prime Minister's house. But somehow LKR has stabilized after May 2022 at 360 per USD. Can Pakistan just copy whatever Sri Lankans are doing?

Covid destroyed their biggest dollar source : tourism.. And at the same time the then Srilankan govt decided to go full organic for agriculture and banned all fertiliser/pesticides. Agriculture produce plummeted. Really amazing how a couple of nutjobs in position of power can destroy whole country.

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

Yes.. Dar probably was overconfident and wanted to deal with IMF as he was used to during his earlier stints.

Our Indian Reserve Bank burned 100 billions last year trying to keep rate below 80..

 

[epebble]

Dar probably was overconfident.

You think so? I think he is a moron. He has been praying for a miracle for four months. Every day. Very publicly.

Our Indian Reserve Bank burned 100 billions last year trying to keep rate below 80..

Somebody should send them https://theeconreview.com/2018/10/16/how-soros-broke-the-british-pound/

 

[AZ1]

260 now

 

[AZ1]

265 now