US dollar reaches Rs160 in interbank market

[Syed1.]

Its now back to Rs 153. Much improvement, but at start it was just Rs 109.

What start you are talking about?



When PTI government came dollar was already 128.

 

[HttpError]

There will come a time when 1 PKR = 1 Bitcoin.

 

[Patriot forever]

Its now back to Rs 153. Much improvement, but at start it was just Rs 109.

At the start of year 2018 yes but that was just arficial. The REER crossed 130, and we were burning $500m every month maintaining that.
The actual value of rupee was weaker than what it is today. Understand currency value is determined by demand and supply, that was extremely disproportionate back in 2018. Default was imminent. Import cover less than 2 months, short term liabilities maturing in 3-6 months we're more than reserves. Poor credit ratings and no one willing to lend us. CHINAS EMERGENCY 2 BILLION DEPOSIT AT THAT TIME SAVED US FROM DECLARING BANKRUPCY. ARMY CHIEF HIMSELF BRIEFED ABOUT THE SITUATION FIRST THING WHEN GOVERNMENT TOOK OVER, REMEMBER HOW IT WAS IN THOSE DAYS ARMY CHIEF POLITICAL GOVERNMENT RUNNING TO SAUDIA UAE FOR SUPPORT.

If you want to increase your understanding on the subject study Lebanon over the past 2 years, how countries are destroyed by manipulating their currency at unsustainable levels. How a BoP wiped out Lebanons economy and brought misery and suffering. They were in the same boat as us in 2018.

Just like drugs the feel good factor only lasts until the effects of drug wear out.