Rupee retreats against dollar
36
KARACHI: The US dollar resumed its upward rally against the rupee on Friday by appreciating 90 paisa in interbank market to reach Rs140.50.
However, it was selling at Rs141 in the open market amid tight supplies.
Bankers said the dollar started rising and remained as high as Rs140.30, but the exchange companies reported the rate was Rs140.50.
“Though there are many factors, the interbank market played a key role in pushing up dollar rates in the open market,” said President Forex Association of Pakistan Malik Bostan.
Market sources said the dollar was not available in the market while exchange companies were charging two kinds of rates. Those who were buying the greenback by showing their CNICs were getting it at the announced rates but those who did not want to be recognised were paying an additional Rs1.50 to Rs2 per dollar.
During the week ended on Friday, the dollar gained Re1 in the interbank and Rs1.30 in the open market.
“There is currency shortage but dollar is available. The shortage is due to heavy buying of Saudi riyals for the upcoming Ramazan, Umrah and haj season. In the last two days, 5 million riyals were bought from the open market,” said Bostan.
Since there is no surplus riyals in the market, dollar was in short supply, he added. Surplus riyals are exported to Dubai to import US dollars.
Published in Dawn, March 23rd, 2019
Read more
On DawnNews
Comments (36) Closed
Mar 23, 2019 07:40am
Rs 150/ per $ by FY ending. In import oriented economy, inflation will go up.
Recommend
0
Mar 23, 2019 07:43am
Rs. 141 = $1. This is insane. Please do not devalue further. The economy is going down and only inflation is going up!
Recommend
0
Mar 23, 2019 08:41am
Signs of IMF terms being implemented
Recommend
0
Mar 23, 2019 08:53am
Rupee crashes against dollar
Recommend
0
Mar 23, 2019 09:49am
@Patriotic Pakistani, already crashed
Recommend
0
Mar 23, 2019 09:54am
It is too high. If somebody want to convert USD then wait until end of year when they will get around 200 per dollar.
Recommend
0
Mar 23, 2019 10:04am
Despite aids from several countries, Rupee crashes means inability of Govt.
Recommend
0
Mar 23, 2019 10:43am
IK badly needs a finance minster who understands international finance!
Recommend
0
Mar 23, 2019 10:50am
Indian rupee is gaining but Pak rupee is crashing
Recommend
0
Mar 23, 2019 11:07am
Sometime we don't want to realize that we are sinking in deep see.
Recommend
0
Mar 23, 2019 11:09am
The last i remember was 104 or 106 against the dollar. When did your currency sink this low?
Recommend
0
Mar 23, 2019 11:09am
It seems economy is doomed.
Recommend
0
Mar 23, 2019 11:10am
Suppressing poor performance of the government lead to many problems.
Recommend
0
Mar 23, 2019 11:10am
This is inevitable for better economy and negotiation with IMF.
Taking it to 160 per dollar will help negotiate Independent Aid package with IMF.
Recommend
0
Mar 23, 2019 12:23pm
@m. saeed awan, yup like economy was flying before PTI. You guys are so ignorant and don’t realize that Imran is the last hope before Pakistan goes bankrupt
Recommend
0
Mar 23, 2019 12:26pm
This is playing right after what was wtitten in the book «Confession of an economic hitman».
Hive lot of loans to project which do not generate wealth like motorways and metros and if the leaders are corrupt that is even better. Then their currecy is devalued and their loans increases overnight to the point where they have to take up new loans to pay interests on old loans.
Recommend
0
Mar 23, 2019 12:42pm
Naya Pakistan of IK
Recommend
0
Mar 23, 2019 12:43pm
Do something to improve economy. To date none of your act is appreciated by business community. Stock Exchange of the country is constantly showing negative trend. We don't want to maintain artificially maintain rupees value like Ishaque Dar. May be it is time for Asad Umar to make up or made up.
Recommend
0
Mar 23, 2019 02:04pm
I am sure with this exports will go up
Recommend
0
Mar 23, 2019 03:45pm
Time to stop. People have been patient from 122 to rs.138. Dont squeeze is further if you cant squeeze the corrupt.
Recommend
0
Mar 23, 2019 04:02pm
@pti, Shame
Recommend
0
Mar 23, 2019 04:04pm
@Brandon, Last hope not IK, it is PMLN
Recommend
0
Mar 23, 2019 04:15pm
I said in 2017 it will reach 140, New Prediction by end of 2020 1 Pkr = 150
Recommend
0
Mar 23, 2019 04:57pm
@kp, more than 170 by 2020
Recommend
0
Mar 23, 2019 05:28pm
They're planning for Rs. 175 to a dollar in the next 12 months.
Recommend
0
Mar 23, 2019 05:29pm
Before IMF steps in, it shall breach 147-148. Further, IMF loan shall also vanish faster than expected because of repayment pressure of short-term borrowings and payment of deposits to SA and UAE. If there is no improvement in exports and FDI (which is directly related to Govt action on law and order), another injection from IMF would be sooner than expected.
Recommend
0
Mar 23, 2019 06:19pm
With IMF exceptional loan negotiation in final stages which among other stringent conditionalities is vouching for free float of PKR against dollar, it would not be surprising that the exchange rate may hit Rs. 150 to dollar or even more, when new budget is announced in July. The FE exchange reserves presently on oxygen provided by intermittent dozes of loans by Abu Dhabi & China, will not survive unless a robust & sustainable fiscal policy plan is devised & religiously implemented without any “ifs and buts.”
The coming days offers no respite to those who believed that the present govt. inheriting a sick economy from its predecessors, through a magic wand, will make a turnaround. Their expectation of miracles happening, soon will turn into a nightmare, with inflation touching double digits, utility bills enhanced, direct & indirect taxes rolling upwards, small businesses closing down due to high banking interest rates, health, education & jobs suffering due to cut in govt. allocations
Recommend
0
Mar 23, 2019 06:35pm
@Moin, you are right.
Recommend
0
Mar 23, 2019 07:31pm
RIP Pakistan's economy.
Recommend
0
Mar 23, 2019 08:45pm
To every rise there is a fall and for every dollar there is a wall.
Recommend
0
Mar 23, 2019 09:19pm
With more loans to be taken by government, Rupee will fall further....
Recommend
0
Mar 23, 2019 09:59pm
Well on the way towards 300 in next six months.
Recommend
0
Mar 23, 2019 10:13pm
Thank you Asad Umar for ruining our economy and Thank you Imran Khan for appointing this gem as finance minister
Recommend
0
Mar 24, 2019 03:30pm
But we have CPEC, $200billion of foreign money and $1trillion undiscovered oil reserves?
We are a superpower
Recommend
0
Mar 24, 2019 05:46pm
Now, Pakistan can take pride that numerically Pak Rupee is more than double of Indian rupees.
Recommend
0
Mar 24, 2019 07:49pm
Not bad. IK will take the PKR to new heights.
Recommend
0
