US dollar reaches Rs160 in interbank market

[Khafee]

What did the market close at today?

View attachment 567361

Seems to be exchange mafia at play again!

Drop of 6rs within a day ...

http://www.forex.pk/open_market_rates.asp

 

[Verve]

http://www.forex.pk/open_market_rates.asp

And it dropped to around 155.5 before closing at 158.9.

Dropped 9rs and then settled at 6rs drop.

Serious manipulation ... This has to stop!

 

[El Sidd]

http://www.forex.pk/open_market_rates.asp

How much did Bharwana make?

 

[Khafee]

How much did Bharwana make?

Batonga toe tum Shabbar ko leak kardogay

 

[El Sidd]

Batonga toe tum Shabbar ko leak kardogay

Shabbar ne konsa asmaan pe teer maar Lena hai. wo ajkal overseas chaddi banyaan pe tax laga raha ha.

 

[nahtanbob]

And it dropped to around 155.5 before closing at 158.9.

Dropped 9rs and then settled at 6rs drop.

Serious manipulation ... This has to stop!

What you are saying is that the pakistani rupee is undervalued. You should put your money where your mouth is and purchase Pakistani rupees

 

[Verve]

What you are saying is that the pakistani rupee is undervalued. You should put your money where your mouth is and purchase Pakistani rupees

Stupid Indian, what's I'm saying is clearly written!

 

[nahtanbob]

Stupid Indian, what's I'm saying is clearly written!

you beat the manipulators at their own game. Otherwise let the pakistani rupee fall. Of course you can resort to controls on capital outflows. this is not rocket science.

the large drops are a function of illiquid market. there are a few players

 

[Nilgiri]

The "much wilder swing" was controlled because of regular amounts coming in from gulf. That helped a bit.

You think gulf remittance money will be what settles the exchange rate back to 150ish by end of year?

I agree this is major liquidity that will temper the movements, but I dont see a huge delta change to structurally change the levels significantly (esp in 6 mths time). That will have to come internally from Pakistan tax, banking and general economic reform to get production/exports (especially value added stuff) I would think...and even that will take 1 - 2 year time to see results on those...but I have not studied Pakistan domestic economic policy and issues all that much in requisite detail.

 

[Vikki]

163 now

 

[Arsalan]

You think gulf remittance money will be what settles the exchange rate back to 150ish by end of year?

No, not only that. The money from gulf (remittance and investments/loans) is what i said helped avoid a much wilder fall. Coming back to 150s will involve multiple factors. We will see it in 5 months hopefully.

 

[maithil]

SBP intervenes with ‘sizeable amount of dollars’ to defend rupee

So after adopting 'market based exchange rate' system, PTI Govt is using rapidly depleting reserves to control rupee slide. Not like Daronomics. This is different.

 

[Arsalan]

Guys why is no one starting new threads now that the Dollar is trading at around 156 in inter bank?

On a serious note, don't!! The dollar is most likely to go up again to 165 - 170 mark before it comes back to 150 region. I predict this happening by November and i don't think the current fall will be permanent.

 

[VCheng]

Guys why is no one starting new threads now that the Dollar is trading at around 156 in inter bank?

On a serious note, don't!! The dollar is most likely to go up again to 165 - 170 mark before it comes back to 150 region. I predict this happening by November and i don't think the current fall will be permanent.

Such volatility will remain until the IMF bailout is signed and the terms made known.

 

[Sugarcane]

Moronic government must make CNIC/NTN mandatory for selling/buying forex. Anyone buying/selling forex to make profits should be made to pay income tax as well.