Rupee recovery continues

[Edevelop]

KARACHI - US dollar depreciation against the Pakistani rupee continued in cash free/open market on Friday where it traded at the highest price of Rs 105.80. According to the data provided by the Forex Association of Pakistan, the American dollar traded at lowest price of Rs 106.15 and highest price of Rs 106.20 in inter bank while it traded at lowest price of Rs 105.60 and highest price of Rs 105.80 in cash free market

Rupee recovery continues

 

[AZADPAKISTAN2009]

Musharaf had the figure at 60 rupees for 7 years and infact he could have lowered it to 56 rupees but due to advice from financial analyst kept things at 60 rupees

 

[iPhone]

if it indeed drops below 100 it's going to make ex-pats life a little bit harder who were getting more rupees for their foreign currency's worth. Especially those people who are sending money back to their families due to the huge debt they have to pay off.

People were able to pay off their hundreds of lakhs of rupee debt in a few tens of thousand dollars and that too in the matter of months. They're now gonna have to send back more dollars.

 

[Fracker]

if it indeed drops below 100 it's going to make ex-pats life a little bit harder who were getting more rupees for their foreign currency's worth. Especially those people who are sending money back to their families due to the huge debt they have to pay off.

People were able to pay off their hundreds of lakhs of rupee debt in a few tens of thousand dollars and that too in the matter of months. They're now gonna have to send back more dollars.

I am expat, and I don't mind if my currency recovers and reaches to 98 or even lesser.. Overall, it's good for Pakistan & especially Pakistani people, since it will drop cost of living..

Good signs, showing lot of investment coming to Pakistan.. I hope, it get utilize in better manner...

 

[khanboy007]

I can see that on a good scale, it is progressing, now it means that the cost of living will drop not drastically but on a smooth scale

keep up the good work

i just saw that the dirham which was once at 29.5 is now at 28.9 which is not bad

 

[FaujHistorian]

it is good to see the confidence in Rupee is increasing.

However we should not attach too much sentiments to a rupee here or a rupee there.

Ordinary people in Pakistan will continue paying for daily stuff in rupees equivalent of dollar price.

For example Petrol price in the international market is in dollars.

So if you pay 100 rupees for a dollar, or 98 there is no significant change monetarily speaking.

However psychologically we may feel better if we pay few paisas less for the same litter of petrol.





The Thing that really matter is the amount of dollars/Euros and gold holding of Pak government.

That is the MAIN figure we should be looking at ALL the time.


For comparison sakes.


Pakistan's dollar/Euro/gold reserves ---------- roughly $14 billion
India----------------------------------------------------------$250-300 billion
S, Korea------------------------------------------------------$500-600 billion
Turkey--------------------------------------------------------$100-125 billion
..

..
Drum roll please

China--------------------------------------------------------$3,600 billions and climbing


Remember just like individuals,

nations too go up or down based on the "cash in the wallet/batwa"


peace

if it indeed drops below 100 it's going to make ex-pats life a little bit harder who were getting more rupees for their foreign currency's worth. Especially those people who are sending money back to their families due to the huge debt they have to pay off.

People were able to pay off their hundreds of lakhs of rupee debt in a few tens of thousand dollars and that too in the matter of months. They're now gonna have to send back more dollars.

This is true in very very short run.

In the long run (beyond few weeks time), property and food prices in rupees adjust to dollar.

So no need to worry if your relatives here are getting few rupees less or few rupees more.

 

[Counter-Errorist]

Pakistan's dollar/Euro/gold reserves ---------- roughly $14 billion
India----------------------------------------------------------$250-300 billion
S, Korea------------------------------------------------------$500-600 billion
Turkey--------------------------------------------------------$100-125 billion
..
..
Drum roll please
China--------------------------------------------------------$3,600 billions and climbing

Wow! This really puts things into perspective.

 

[FaujHistorian]

Wow! This really puts things into perspective.

Thank you.

Yes.

This is the data which means something for a country like Pakistan.

But we keep on getting distracted by non-issues.

$14 billion for Pakistan

Translates to a guy in USA walking around with $14 dollars in his pocket and that is it.

$14 that means few gallons of petrol and perhaps few McDonalds burgers.

Same thing is true at this very moment for Pakistan.

Few weeks of gasoline and

few weeks of cash to pay loans and food imports.


But we are all asleep or doing dharnas.

 

[Counter-Errorist]

I am expat, and I don't mind if my currency recovers and reaches to 98 or even lesser.. Overall, it's good for Pakistan & especially Pakistani people, since it will drop cost of living..

Good signs, showing lot of investment coming to Pakistan.. I hope, it get utilize in better manner...

Good sentiment, way to go brother!

I lose money as rupee strengthens. But I would support policies that strengthen the rupee any day.

 

[VCheng]

This bump in value is a short-lived flash in the pan. The fundamentals remain adverse for the PKRs value longer term.

 

[American Pakistani]

Wish it goes back to 58-59.

Hope it recovers back to 98-99 before this year ends.

 

[KingMamba]

if it indeed drops below 100 it's going to make ex-pats life a little bit harder who were getting more rupees for their foreign currency's worth. Especially those people who are sending money back to their families due to the huge debt they have to pay off.

People were able to pay off their hundreds of lakhs of rupee debt in a few tens of thousand dollars and that too in the matter of months. They're now gonna have to send back more dollars.

Not really because if the rupee becomes stronger the cost of living in Pakistan will go down and that will balance things out.

 

[Sugarcane]

This bump in value is a short-lived flash in the pan. The fundamentals remain adverse for the PKRs value longer term.

Ishaq dollar probably want people to sell their dollars.

 

[Not Sure]

 

[VCheng]

Ishaq dollar probably want people to sell their dollars.

I wouldn't be too surprised if this is a co-ordinated manipulation attempted by certain parties acting in collusion. The overall trend will remain upwards, no doubt.