Rupee falls to Rs189.5 against dollar in inter-bank

[Areesh]

KARACHI:
The Pakistani currency recorded a sharp drop of Rs3.39 on Thursday and plunged to an all-time low of Rs189.51 against the US dollar in intra-day trading in the inter-bank market owing to political turmoil in the country.

The domestic currency had closed at Rs186.13 against the greenback on Wednesday.

Sources said that rupee dropped beyond Rs190 in the open market because only a nominal amount of the foreign currency is available for buying by individuals.

Experts said that uncertain domestic political situation was mounting pressure on the rupee.

Besides, the central bank also refrained from intervening in the market to rescue the sinking rupee. The country's foreign exchange reserves have depleted rapidly over the past six to seven weeks to a two year low of $12 billion.

Analysts stated that pressure mounted on rupee after the International Monetary Fund (IMF) once again placed its $6 billion bailout programme on hold.

Besides, Pakistan’s trade deficit shot up 70% to $35.5 billion in the first nine months of current fiscal year 2022 which added to the depreciation.

Rupee falls to Rs189.5 against dollar in inter-bank | The Express Tribune

Crosses Rs190 mark in open market in intra-day trading

tribune.com.pk

A depreciation of RS 3.39 in a single day

Establishment can continue with being "neutral"

Where the f*ck is state bank of Pakistan?

 

[IbnAbdullah]

Salaam


The country cannot afford this current state of uncertainty for much longer. I hope relevant authorities can make up their mind soon and make a decision.

 

[Cheepek]

It's very good news for expats' families.

Rupee fall benefits expats’ families: Baqir

SBP governor’s comment termed ‘most irresponsible’.

www.dawn.com

 

[Chak Bamu]

Zero leadership; Zero vision; and a gargantuan ego will bankrupt a country.

But no Insafi will own this mess as something wrought by IK & his fascist mind-set. For them he is never wrong; its always someone else's fault; and the country & people are not worthy of him.

Pakistan will suffer more & more because of this megalomaniac that was thrust into power despite his known flaws. If you supported him & live in Pakistan then you deserve what has & would continue to come your way. If you are an expat Insafi, then I do not care for your opinion.

If only people did their actual jobs, we would not be in this mess....

 

[hydrabadi_arab]

Good news for exporters and overseas Pakistanis. Bad news for importers and rent seekers.

 

[Areesh]

Zero leadership; Zero vision; and a gargantuan ego will bankrupt a country.

But no Insafi will own this mess as something wrought by IK & his fascist mind-set. For them he is never wrong; its always someone else's fault; and the country & people are not worthy of him.

Pakistan will suffer more & more because of this megalomaniac that was thrust into power despite his known flaws. If you supported him & live in Pakistan then you deserve what has & would continue to come your way. If you are an expat Insafi, then I do not care for your opinion.

If only people did their actual jobs, we would not be in this mess....

The jokers that you support aren't any better

This is the strong economy they left with all the experience they had

This Was the "Strong Economy" that "Nalaiq" PTI Government Destroyed as per Noon League Supporters

This is the "strong economy" that very competent and experienced PML(N) had left for nalaiq and naehal PTI government The economy was so strong that it started melting like ice under the sun the moment PML(N) left the government All the news articles from the interim government tenure...

defence.pk

Strong economy of PML(N) started melting like an ice under sun right the moment your supported jokers left the government

 

[Wood]

This is a precipitous drop. The currency may rebound a little because of sudden fall, but trend is not encouraging. Inflation will soon follow.

Have remittances fallen recently?

 

[pikkuboss]

This is a precipitous drop. The cannot may rebound a little because of sudden fall, but trend is not encouraging. Inflation will soon follow.

Have remittances fallen recently?

Remittances have fallen worldwide, no exception for Pakistan. The only sector Textile that Pakistan saw exports growing due to strict lockdown in other countries and minimal in Pakistan is now going away. India is reclaiming the textile sector with technology and Bangladesh taking it with cheap labour, Pakistan doesn't have a chance here. China is so money hungry that they didn't transfer even the low value textile sector to its all weather friend, forget about other sector. Pakistan was showing sings of improvement in services sector but with the recent statement against USA, Pakistan can say goodbye to this sector. America has 100% control over the software and IT sector.

 

[waz]

Industry should be pushing their exports with a depreciation, but there is a deficit recorded.
The uncertainty in the political realm doesn’t help. The IMF factor is also at play, much of it is speculation.

 

[Waterboy]

Zero leadership; Zero vision; and a gargantuan ego will bankrupt a country.

But no Insafi will own this mess as something wrought by IK & his fascist mind-set. For them he is never wrong; its always someone else's fault; and the country & people are not worthy of him.

Pakistan will suffer more & more because of this megalomaniac that was thrust into power despite his known flaws. If you supported him & live in Pakistan then you deserve what has & would continue to come your way. If you are an expat Insafi, then I do not care for your opinion.

If only people did their actual jobs, we would not be in this mess....

I've been telling everyone here that this maniac will ruin us. He singlehandedly approved the petrol subsidy while knowing the risk.

He lost the vote but built a narrative around American interference. This economic crisis falls on a single person and his party IK.

State Bank has no funds to intervene and it's a complete shitshow, everyone just watching the fireworks pop.

Supreme Court being the usual shit show has also delayed the verdict for reason beyond understanding.

The guy who said don't blackmail me to hazaras and held a dharna to topple a government when the economy was okayish made a conscious decision to SCREW the economy to win the next election.

The jokers that you support aren't any better

This is the strong economy they left with all the experience they had

This Was the "Strong Economy" that "Nalaiq" PTI Government Destroyed as per Noon League Supporters

This is the "strong economy" that very competent and experienced PML(N) had left for nalaiq and naehal PTI government The economy was so strong that it started melting like ice under the sun the moment PML(N) left the government All the news articles from the interim government tenure...

defence.pk

Strong economy of PML(N) started melting like an ice under sun right the moment your supported jokers left the government

PTI has put us in a more pathetic position compared to 2018.

 

[Wood]

Remittances have fallen worldwide, no exception for Pakistan. The only sector Textile that Pakistan saw exports growing due to strict lockdown in other countries and minimal in Pakistan is now going away. India is reclaiming the textile sector with technology and Bangladesh taking it with cheap labour, Pakistan doesn't have a chance here. China is so money hungry that they didn't transfer even the low value textile sector to its all weather friend, forget about other sector. Pakistan was showing sings of improvement in services sector but with the recent statement against USA, Pakistan can say goodbye to this sector. America has 100% control over the software and IT sector.

I read yesterday that Sri Lanka's textile exports ($5 billion) is in jeopardy as Sri Lanka's economy is crashing. Some of these orders are moving to India, but India is not able to absorb demand because of high cotton prices in the local market. Pakistan may be able to benefit from this situation

 

[Thinker3]

Pakistani economic system was given to IMF and west by previous governments of PPP and PMLN who led to such changes that Pakistani government lost control over Pakistani economy and paved way for the IMF control and foreign debts. Imran Khan instead of taking Palistan out of their grasp gave them more control in ignorance and under ill advice.
The entire economic system of world is in hands of US and west, they control the dollar and they control the value of dollar for other currencies, they can change the value at their will, this is what happens when US wants to punish a country, but the real problem is that Pakistani Economy is in complete control of US in form of IMF, there is no resistance at all from Pakistan to stop the devaluation of rupee, with IMF(US) in full control on economy we don't know what is the actual true situation of our exports and Imports, foreign remittances and current account, as IMF is telling us everything. The biggest mistake of Imran Khan was going to IMF and then giving control of entire economy to them.
The example of Erdogan is infront of us, they took a stand against US and their currency start depreciating which resulted in inflation and economic downfall, Biden had clearly said that during that time that they will remove Erdoğan by other means, these are the other means, Turkey did there best to stop the depreciation of lira by whatever means possible and even then it was not possible for them to stop the depreciation, and here in Pakistan there is no resistance at all as IMF is in complete control.
If Pakistan wants to stand up then we should know what we are up against, and make counter strategies.

 

[Abdul Rehman Majeed]

Good for remittances and exports.

 

[pikkuboss]

I read yesterday that Sri Lanka's textile exports ($5 billion) is in jeopardy as Sri Lanka's economy is crashing. Some of these orders are moving to India, but India is not able to absorb demand because of high cotton prices in the local market. Pakistan may be able to benefit from this situation

Cotton price was rising so India has put restrictions on exports, which means Bangladesh will now import more and more cotton from Pakistan. India is in a comfortable position, so the fight is between Bangladesh and Pakistan wheather Pakistan will export raw cotton to Bangladesh or garments. Pakistan will give upto Bangladesh, my guess.

 

[Chak Bamu]

Pakistani economic system was given to IMF and west by previous governments of PPP and PMLN who led to such changes that Pakistani government lost control over Pakistani economy and paved way for the IMF control and foreign debts. Imran Khan instead of taking Palistan out of their grasp gave them more control in ignorance and under ill advice.
The entire economic system of world is in hands of US and west, they control the dollar and they control the value of dollar for other currencies, they can change the value at their will, this is what happens when US wants to punish a country, but the real problem is that Pakistani Economy is in complete control of US in form of IMF, there is no resistance at all from Pakistan to stop the devaluation of rupee, with IMF(US) in full control on economy we don't know what is the actual true situation of our exports and Imports, foreign remittances and current account, as IMF is telling us everything. The biggest mistake of Imran Khan was going to IMF and then giving control of entire economy to them.
The example of Erdogan is infront of us, they took a stand against US and their currency start depreciating which resulted in inflation and economic downfall, Biden had clearly said that during that time that they will remove Erdoğan by other means, these are the other means, Turkey did there best to stop the depreciation of lira by whatever means possible and even then it was not possible for them to stop the depreciation, and here in Pakistan there is no resistance at all as IMF is in complete control.
If Pakistan wants to stand up then we should know what we are up against, and make counter strategies.

Dude change you name to Blunderer, seriously. You write drivel like this & expect to be taken seriously? You are making so many unsubstantiated claims that I can only laugh in response. Care to substantiate any two of your claims? Any two would do.