Rupee slumps to all-time low of 134 against US dollar

[SunilM]

Rupee slumps to all-time low of 134 against US dollar

Setting a new record, US dollar has hit Rs.134 against Pakistani rupee in the open market on Tuesday, a day after the government announced that it was going to the International Monetary Fund (IMF) for a bailout.

According to local media reports, the US dollar gained Rs9.75 against Pakistani rupee. On Monday, the US dollar was being offered at the rate of Rs124.25 in the open market.

However, with a sharp Rs 9.55 rise within a few hours, the rupee devalued considerably against the dollar.


With the devaluation of rupee, the external debt on Pakistan swelled by a staggering Rs 900 billion.

Interestingly, the Karachi Stock Exchange is witnessing a bullish trend as KSE-100 index gained 878 points to reach 38842.79.

KSE 100 Index as of October 9
Analysts are attributing Pakistani rupee’s persistent weakness to balance of payment crisis and falling foreign exchange reserves.

Some say that the currency is intentionally being weakened in line with the conditions imposed by the IMF for an economic bailout.

https://en.dailypakistan.com.pk/headline/rupee-slumps-to-all-time-low-of-134-against-us-dollar/

Buy dollars. It will go to 150 By December end.

 

[Śakra]

@BHarwana said it was at 120 and would hold firm as the underlying market fundamentals are solid

@Nilgiri @SunilM

 

[SunilM]

@BHarwana said it was at 120 and would hold firm as the underlying market fundamentals are solid

@Nilgiri @SunilM

Its at 137 now.

 

[Ajaxpaul]

@BHarwana said it was at 120 and would hold firm as the underlying market fundamentals are solid

@Nilgiri @SunilM

Quite a laugh actually..lol

 

[Yaseen1]

govt has surrendered infront of imf.Severe economic conditions may occur

 

[SunilM]

@BHarwana said it was at 120 and would hold firm as the underlying market fundamentals are solid

He is after all the finest tomato growing Economist in South Asia.

 

[Śakra]

Its at 137 now.

He’s gonna quote Western Union to counter this fake news.

Quite a laugh actually..lol

When kisan become leading economists anything can happen.

 

[Ajaxpaul]

govt has surrendered infront of imf.Severe economic conditions may occur

It's not a death sentence. It's an opportunity for Pakistan to turn around its economy and to speed up the reforms.

 

[Śakra]

He is after all the finest tomato growing Economist in South Asia.

He was short selling tomato contracts last year. Such is his financial acumen.

https://indianexpress.com/article/p...to-price-rate-rs-300-kg-import-india-4863812/

 

[SunilM]

Its a fall of 12 PRK in a day!! Well done Kaptaan!

 

[El Sidd]

It smells of Curry in here

 

[SunilM]

He was short selling tomato contracts last year. Such is his financial acumen

We want people of such acumen in their finance ministry!

 

[Śakra]

It's not a death sentence. It's an opportunity for Pakistan to turn around its economy and to speed up the reforms.

They should defsult instead of going to IMF. They can wipe all debt out and since their credit rating is so bad defaulting wont raise their interest rate by much. Overall it’s a better idea then getting an imf loan, pretending to implement austerity policies, and then going back to IMF again.

 

[maximuswarrior]

We can thank Indian lover Nawaz Sharif for this accomplishment.

Things will recover. Only a matter of time.

 

[pak-marine]

Rupee slumps to all-time low of 134 against US dollar

Setting a new record, US dollar has hit Rs.134 against Pakistani rupee in the open market on Tuesday, a day after the government announced that it was going to the International Monetary Fund (IMF) for a bailout.

According to local media reports, the US dollar gained Rs9.75 against Pakistani rupee. On Monday, the US dollar was being offered at the rate of Rs124.25 in the open market.

However, with a sharp Rs 9.55 rise within a few hours, the rupee devalued considerably against the dollar.


With the devaluation of rupee, the external debt on Pakistan swelled by a staggering Rs 900 billion.

Interestingly, the Karachi Stock Exchange is witnessing a bullish trend as KSE-100 index gained 878 points to reach 38842.79.

KSE 100 Index as of October 9
Analysts are attributing Pakistani rupee’s persistent weakness to balance of payment crisis and falling foreign exchange reserves.

Some say that the currency is intentionally being weakened in line with the conditions imposed by the IMF for an economic bailout.

https://en.dailypakistan.com.pk/headline/rupee-slumps-to-all-time-low-of-134-against-us-dollar/

Buy dollars. It will go to 150 By December end.

Most of fx websites are reflecting 127 rs