Rupee hits five-month high against dollar as greenback falls to Rs161.82

[Pakistan Ka Beta]

Rupee hits five-month high against dollar as greenback falls to Rs161.82
By
News Desk

October 22, 2020

Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at a five-month high of Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (ECAP).
The rupee’s appreciation comes on the heels of a record current account surplus of $792 million in the first quarter of the current fiscal year, as reported by the State Bank of Pakistan (SBP) on Wednesday.
“The surplus reached $73 million [in September] against a deficit of $278m a year earlier. As a result, the current account recorded a surplus of $792m in 1QFY21, the first quarterly surplus in more than five years. Continued buoyancy in remittances (up 9pc m/m) and a broad-based rebound in exports (up 29pc m/m) drove the current account surplus in September. Imports also picked up in line with the ongoing revival in domestic economic activity,” the SBP had stated.
The dollar is likely to hit Rs160 by December of this year, mainly on account of declining imports and a significant jump in remittances, said ECAP Chairman Zafar Paracha while speaking to a private media outlet.

Rupee continues to strengthen against dollar as greenback falls to Rs161.82

Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (EC

profit.pakistantoday.com.pk

Today

https://twitter.com/x/status/1319596313344880646

 

[Oracle]

though i dont like idiot PM he destroyed the economy and taxed us like Axe.
however its good for Pakistan.

 

[xyxmt]

though i dont like idiot PM he destroyed the economy and taxed us like Axe.
however its good for Pakistan.

That is just your shortsightedness

 

[Areesh]

Aur kam karo dollar

PS5 laina hai

 

[PradoTLC]

though i dont like idiot PM he destroyed the economy and taxed us like Axe.
however its good for Pakistan.

I forgot the previous guys were geniuses.... thanks for letting us know

 

[maverick1977]

Rupee hits five-month high against dollar as greenback falls to Rs161.82
By
News Desk

October 22, 2020

Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at a five-month high of Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (ECAP).
The rupee’s appreciation comes on the heels of a record current account surplus of $792 million in the first quarter of the current fiscal year, as reported by the State Bank of Pakistan (SBP) on Wednesday.
“The surplus reached $73 million [in September] against a deficit of $278m a year earlier. As a result, the current account recorded a surplus of $792m in 1QFY21, the first quarterly surplus in more than five years. Continued buoyancy in remittances (up 9pc m/m) and a broad-based rebound in exports (up 29pc m/m) drove the current account surplus in September. Imports also picked up in line with the ongoing revival in domestic economic activity,” the SBP had stated.
The dollar is likely to hit Rs160 by December of this year, mainly on account of declining imports and a significant jump in remittances, said ECAP Chairman Zafar Paracha while speaking to a private media outlet.

Rupee continues to strengthen against dollar as greenback falls to Rs161.82

Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (EC

profit.pakistantoday.com.pk

Today

https://twitter.com/x/status/1319596313344880646

True way of making country strong, increase surplus through trade, not artifically using loans to shore up Pakistani reserves procteting Rs from falling... This is how things need to take place.

 

[HostileInsurgent]

Rupee hits five-month high against dollar as greenback falls to Rs161.82
By
News Desk

October 22, 2020

Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at a five-month high of Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (ECAP).
The rupee’s appreciation comes on the heels of a record current account surplus of $792 million in the first quarter of the current fiscal year, as reported by the State Bank of Pakistan (SBP) on Wednesday.
“The surplus reached $73 million [in September] against a deficit of $278m a year earlier. As a result, the current account recorded a surplus of $792m in 1QFY21, the first quarterly surplus in more than five years. Continued buoyancy in remittances (up 9pc m/m) and a broad-based rebound in exports (up 29pc m/m) drove the current account surplus in September. Imports also picked up in line with the ongoing revival in domestic economic activity,” the SBP had stated.
The dollar is likely to hit Rs160 by December of this year, mainly on account of declining imports and a significant jump in remittances, said ECAP Chairman Zafar Paracha while speaking to a private media outlet.

Rupee continues to strengthen against dollar as greenback falls to Rs161.82

Pakistani Rupee gained 60 paisas against the US Dollar on Thursday, closing the session at Rs161.82 in the open market, according to data released by the Exchange Companies Association of Pakistan (EC

profit.pakistantoday.com.pk

Today

https://twitter.com/x/status/1319596313344880646

I didn’t knew the smaller currency of Pakistani rupee is also called Paisa just like Indian Rupee.

 

[Imran Khan]

no artificial strenth just leave it normal we have surplus now because we did not support rupee fake like before .

 

[Protest_again]

Trade surplus is helping the Pakistani rupee. But it is time Imran focused on the country and increase exports too.

 

[Syed1.]

True way of making country strong, increase surplus through trade, not artifically using loans to shore up Pakistani reserves procteting Rs from falling... This is how things need to take place.

We will continue being in this position until we stay in teenday tamatar export market.


Need to start exporting software or computing hardware to become a self sufficient rich country. Even pharma or higher value added textiles can earn large amount of dollars. Instead we focus on socks and towels

 

[maverick1977]

We will continue being in this position until we stay in teenday tamatar export market.


Need to start exporting software or computing hardware to become a self sufficient rich country. Even pharma or higher value added textiles can earn large amount of dollars. Instead we focus on socks and towels

100% agreed on it. Software COGS are zero, that can be a valuable export. Also, openning up big consulting firms like TATA, reliance, or infosys, accenture.... Make pakistan a services based economy. Lets start there. Secondly, allow companies to come out to EZ (economic free zones) and let them stay there for 10 years without taxation, That will increase job market. Thirdly, make sure Afghanistan and Iran are very close to you, allow 50K registered folks from their country to come work in Pakistan, you will see a huge change in their foreign policy...
Asks china to open ZTE, Huawei to open their manufacturing in EZ, to increase local manufacturing... And please make sure to make Karakorum Highway all season highway, to increase trade with China and Central Asian countries. Help stabilize Afghanistan to link Central Asian states like Uzbeks, Turkmanistan, Tajikistan, you will see how things will transform in Pakistan.

Long haul, revive ECO, Iran, Pakistan and Turkey are its member and come out with inventives around Tarriffs between three countries.

 

[Protest_again]

100% agreed on it. Software COGS are zero, that can be a valuable export. Also, openning up big consulting firms like TATA, reliance, or infosys, accenture.... Make pakistan a services based economy. Lets start there. Secondly, allow companies to come out to EZ (economic free zones) and let them stay there for 10 years without taxation, That will increase job market. Thirdly, make sure Afghanistan and Iran are very close to you, allow 50K registered folks from their country to come work in Pakistan, you will see a huge change in their foreign policy...
Asks china to open ZTE, Huawei to open their manufacturing in EZ, to increase local manufacturing... And please make sure to make Karakorum Highway all season highway, to increase trade with China and Central Asian countries. Help stabilize Afghanistan to link Central Asian states like Uzbeks, Turkmanistan, Tajikistan, you will see how things will transform in Pakistan.

Long haul, revive ECO, Iran, Pakistan and Turkey are its member and come out with inventives around Tarriffs between three countries.

Forget IT, find something else. India with such big IT consulting firms with about 30% man power share in world's IT & ITes industry employs less than 5 million. There is plenty of scope with in India for its increase given the established ecosystem. Manufacturing should be the way to go for Pakistan. India too suffered because of lack of focus on this sector.

 

[N.Siddiqui]

Forget IT, find something else. India with such big IT consulting firms with about 30% share in world's IT & ITes industry employs less than 5 million. There is plenty of scope with in India for its increase given the established ecosystem. Manufacturing should be the way to go for Pakistan. India too suffered because of lack of focus on this sector.

LOl!! IT and ITes is not all about BPO, business process outsourcing and code coolies which India excels and do. Exporting the BPO services and earning enough by Indian standards, it's a low tech field. IT overall was above 3000 billion USD in 2018...


In 2018, the global tech spending is forecast to amount to 3,212 billion U.S. dollars.
...
Global technology market spending from 2014 to 2019 (in billion U.S. dollars)

	Total tech spending in billion U.S. dollars
2018*	3,212
2017*	3,029
2016	2,905
2015	2,835

Forget IT, find something else. India with such big IT consulting firms with about 30% share in world's IT & ITes

It's funny that Indians are a huge percentage of IT industry, in numbers, but their contribution to research and new ideas, is ZERO, Zilch. India, never devised any new programming language, or any operating system, new architectural paradigms or algorithms. Indian IT industry is all about low-skilled service sector, back offices and a large pool of internet coolies.

 

[Syed1.]

I tend to agree.... China has a massive IT industry as well, mostly inward looking but also export oriented as well, but the reason China is an economic powerhouse is on the back of their manufacturing capacity.

We need to go down that route. India has an impressive IT industry yet large swathes of their population is still poor, this suggests that despite IT earning good revenues it cannot employ enough people to lift the country out of poverty.


Contrast India with Vietnam or Taiwan whose IT industry isn't as big as India's but are richer countries on the back of their industrial base.

 

[Protest_again]

LOl!! IT and ITes is not all about BPO, business process outsourcing and code coolies which India excels and do. Exporting the BPO services and earning enough by Indian standards, it's a low tech field. IT overall was above 3000 billion USD in 2018...


In 2018, the global tech spending is forecast to amount to 3,212 billion U.S. dollars.
...
Global technology market spending from 2014 to 2019 (in billion U.S. dollars)

	Total tech spending in billion U.S. dollars
2018*	3,212
2017*	3,029
2016	2,905
2015	2,835

It's funny that Indians are a huge percentage of IT industry, in numbers, but their contribution to research and new ideas, is ZERO, Zilch. India, never devised any new programming language, or any operating system, new architectural paradigms or algorithms. Indian IT industry is all about low-skilled service sector, back offices and a large pool of internet coolies.

Lol. Pakistan is neither low skilled nor high skilled, it is just no skilled for now. If you think Pakistan can start with direct software development, then you are just ignorant.

Indian IT companies are mostly consulting agencies of all kind not just BPO. But you can believe what you want, no one cares. And most of the software's that world use today are part Indian made. Rest is all gibberish.

I tend to agree.... China has a massive IT industry as well, mostly inward looking but also export oriented as well, but the reason China is an economic powerhouse is on the back of their manufacturing capacity.

We need to go down that route. India has an impressive IT industry yet large swathes of their population is still poor, this suggests that despite IT earning good revenues it cannot employ enough people to lift the country out of poverty.


Contrast India with Vietnam or Taiwan whose IT industry isn't as big as India's but are richer countries on the back of their industrial base.

Employment is what takes countries out of poverty. Service sectors can give you revenue but they are pretty bad at employment generation. As manufacturing grows, service sector too thrives servicing the industrial sector.