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The value of the US dollar against the rupee touched another all-time high for the second consecutive day, reaching approximately Rs148 in the interbank market during trading before closing at Rs147.10.
The greenback's was valued at Rs141.5 yesterday, but climbed roughly Rs6.50 to hit a historical peak today, with speculation rife in the forex market that the rupee may slide further.
Read more: Pakistan reaches agreement with IMF, to receive $6 billion over 3 years
The fall in the rupee's value comes a day after Prime Minister Imran Khan set up a committee, headed by Adviser to the PM on Finance Dr Hafeez Shaikh, to control devaluation of the local currency and capital flight from Pakistan.
ECAP secretary general Zafar Paracha told Dawn that the dollar is not easily available in the market, and exchange companies are not in a position to provide any large amount of dollars.
Read more: Govt announces crackdown as dollars vanish in open market
The dollar had gained Rs2.25 against the rupee in the open market yesterday amid strong speculation that the rupee would depreciate significantly after the signing of a bailout agreement with the International Monetary Fund (IMF).
The IMF had spoken of a “market determined exchange rate” in its statement on the programme, and the financial markets have not responded favourably to the announcement.
“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days,” Secretary General of Exchange Companies Association of Pakistan Zafar Paracha had said on Monday.
Explore: Govt announces crackdown as dollars vanish in open market
The resulting speculation in the forex market has seen small and large investors looking towards the greenback.
"The potential for higher rate of dollar is visible in the inter-bank money market," a banker was recently quoted as saying.
Most of the currency dealers and experts have already expressed their disappointment over the undisclosed conditions agreed between the IMF authorities and the government.
The rate in the interbank is considered the official exchange rate but the open market rate fluctuations and shortage of dollars sometimes compel the State Bank to change the exchange rate. The SBP usually uses banking rates for devaluation of the rupee.
Read more
On DawnNews
May 16, 2019 11:07am
Mafia is in full action...RIP
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May 16, 2019 11:09am
Keep "all-time high" copied, you will need it daily now
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May 16, 2019 11:13am
Where is the looted money? Why so much leniency on the Corruption Mafias? The more powerful sources also known as the "System" were very quick at demolishing the real stakeholders of Urban Sindh. Why same efficiency is not shown while dealing with others. Why special privileges for some so called elite class? Sorry state of affairs.
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May 16, 2019 11:14am
Tomorrow it will be 150, the next day 151 and soon 200. Adding more problems to middle-class, their wages and daily earnings will not increase but consumables, fuel, interest rates, loans, medicines will be more expensive. Oil prices are rising with US and Iran conflict. Trade war between US and China will have effect on all economies.
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May 16, 2019 11:14am
The meeting of PM with the money changers gave them more fuel to speculate. The PM does not know the history of currency dealers in Pakistan. They never are patriotic. Ask State Bank and the FIA, how many of these dealers have been raided on how many occasions. Unless and until, the Gov't decides to MANAGE the currency, we should see huge fluctuations of rupee. This will result in more economic chaos.
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May 16, 2019 11:16am
Govt is helpless. IK government is only talk, no ideas or vision. Has he ever mentioned a roadmap other than slogan of Naya Pakistan and Looted Money.
How does he intend to get the "looted money" back. Has the government contacted Swiss government and Swiss banks for info on accounts? What was their response. Going by past history, Swiss banks do not cooperate unless you show "actionable evidence" against their clients considering their whole banking system is build to the guarantee of confidentiality.
Easy to talk about bringing back money but almost impossible to do so. All he can do is sell some buffaloes
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May 16, 2019 11:17am
hope that the exchange rate will stabilise with the passage of time.we should not panic.
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May 16, 2019 11:17am
A clear failure by the government.
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May 16, 2019 11:20am
No writ of the government can be seen. anywhere. PTI govt is clueless. No consistent policies.
Tabdeeli has shattered all the hopes.
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May 16, 2019 11:21am
Quickly reaching rupees 200 round figure. No problem for us though because we survive on loans. Getting loans are our ultimate achievement.
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May 16, 2019 11:21am
I am so frustrated with this government. Poor performance on all fronts!
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May 16, 2019 11:22am
Even our stock exchange is taking a bashing. Today It has lost 700 points already. Dark days ahead.
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May 16, 2019 11:22am
It will be 160 before Eid
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May 16, 2019 11:22am
This is the CHANGE people "voted" for. Thanks PTI.
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May 16, 2019 11:23am
@Shib, Imran Khan and MQM mafia.
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May 16, 2019 11:23am
This is what happens when IMF conditions are accepted to get a bailout. Don't forget dollar depreciation also drops the GDP size,Raises the total amount of debt(both of which are calculated in dollars) and causes hyper inflation(due to necessary imports such as crude oil that is also calculated in dollars).
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May 16, 2019 11:24am
At `150 IK should resign.
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May 16, 2019 11:24am
Brace for more upto 200
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May 16, 2019 11:24am
it would touch 180 soon.
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May 16, 2019 11:25am
So much for the meeting between the currency dealers and the pm.
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May 16, 2019 11:27am
Gifts of Naya Pakistan, where dollars and inflation price increase on rapid pace, while no increase in exports at all.
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May 16, 2019 11:27am
PTI government is a failure in all department.
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May 16, 2019 11:28am
Where is the government? There is financial chaos everywhere
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May 16, 2019 11:30am
And on the very day PMIK himself makes a committee to stop exactly this from happening. The fact is demand is high and supply is low. The market in such a situation is difficult to control cutting demand is the only option as the supply of dollars is unlikely to go up with no exports and lesser visas in future to Pakistanis affecting remittances.
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May 16, 2019 11:31am
Feeling bad for students in foregin, their parents have to pay lot extra now. Hopefully they don't have to come back.
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May 16, 2019 11:33am
This IMF deal is going to have huge impact on price inflation
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May 16, 2019 11:33am
IMF is not pushing for the devaluation as being portrayed. They are just asking the Government to allow the PKR to settle according to free market rate
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May 16, 2019 11:34am
One of main reasons Pakistan's huge trade deficit. Besides Pakistans's low GDP growth for many years. BD Taka very stable, 84 Taka = one dollar. BD GDP continues to be 7% to 8%.
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May 16, 2019 11:35am
Recently CM Punjab doubles the incentives and benefits for all Punjab government employees, so they got safeguard against this rising inflation which cause by dollar, but what about us whom worked in private sector, is this what we pay tax for so in hard time all burden come to us only, even include the burden of their lavish life style.
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May 16, 2019 11:35am
Naya Pakistan is proving to be worst nightmare
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May 16, 2019 11:36am
It’s 150!! Just called exchange to buy some for enduse.. very sad state of affairs. All thanks to PMLN
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May 16, 2019 11:36am
It’ll stabilise around 170 IF their is no more economic and security surprises.
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May 16, 2019 11:38am
“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days,”
Its a green signal brothers and sisters, its time to convert all equity in to dollar.
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May 16, 2019 11:39am
@Shib, it is called market
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May 16, 2019 11:39am
Next target is 151.3 rupee
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May 16, 2019 11:39am
it will hit 250 by dec. 2020
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May 16, 2019 11:39am
This Government has to go if we want to save Pakistan and fresh elections are needed
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May 16, 2019 11:41am
Pti's incompetence really showing now. This will hurt the poor the most. So much for ehsas and riasat e medina.
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May 16, 2019 11:41am
''Up, Up, and Away!''.
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May 16, 2019 11:42am
@Shib, You mean Imran and PTI .....
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May 16, 2019 11:44am
Why don't people questions PTI actions or rather inactions and how long he will cry and pass blame on Nawaz Sharif
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May 16, 2019 11:44am
Better for exports of Pakistan. This would help to reduce the deficit
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May 16, 2019 11:44am
Feel sad
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May 16, 2019 11:49am
In all honesty, this is not such a bad thing for an economy that is in crisis. It automatically forces the country to tighten its belts. Even if it goes to 200, it is all still under control. The real problem will arise if there is a sudden shock. Eg. hyperinflation (>100% inflation) or if the rupee just goes to 1000 both of which seem unlikely at this point with IMF support.
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May 16, 2019 11:51am
This govt has no control.
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May 16, 2019 11:55am
What a game damaging poor people and nation being played by PM. What he promised and doing quite opposite. Instead of recovering looted wealth providing better support.
When in Jail they are released with welcome back procession.this Pm is sitting breaking ground another drama. Shame Shane.
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May 16, 2019 12:03pm
Why are we so much dependent on greenback money?
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May 16, 2019 12:03pm
There is difference in CRICKET and Govt, Hope we get Our lessons.
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May 16, 2019 12:09pm
This GOV is running here & there like an headless chicken,
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May 16, 2019 12:09pm
While PTI Govt is not doing ideal job, the blame goes back to last 15 years of economic mess of loans, subsidies, corruption.
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May 16, 2019 12:14pm
@CHETAN VYAS,
Can you shutup
Your comments are not needed.
Lets not criticize or laugh.
We can also be in the same situation
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May 16, 2019 12:16pm
Pakistan's economy is in a terrible way and the government cannot control this currency slide at all now. They should all resign immediately.
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May 16, 2019 12:18pm
@Majnu786, do you mean dollar appreciation or depreciation?
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May 16, 2019 12:21pm
IK looks like a marble player playing cricket for the first time: its a different ball game
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May 16, 2019 12:24pm
Wait for CPEC to be completed. It will be 150 dollars for 1 Pakistani rupee.
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May 16, 2019 12:26pm
In 2007 when rate was [i think] PKR 66/USD i did a fundamentals analysis and determined that the rate should [have been] PKR 12/USD. The longer you ‘mess with reality’ the deeper the correction. The REAL culprits were the ones who stole money then and converted to USD - exchange mafia etc -
There needs to be a DEEP review of all wealth vs tax filings; any discrepancy leads to confiscation, with burden of proof on the taxpayer.
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May 16, 2019 12:30pm
One US$ will reduce to Rs120 in the next 18months.Pakistan basic economy is strong due to Agriculture,Natural resources and manpower.Now the honest top leadership is there,the economy will strengthen and all corrupts playing against the current government will fail.The general public must not fall in the trap of corrupts.
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May 16, 2019 12:31pm
unless any action is taken by IK
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May 16, 2019 12:33pm
In my view, corrupt politicians and greedy businessmen are behind this dollar rise thorough their cronies and fake news. Because, we don't have laws that can punish such greedy people who initiate such speculations - this is courtesy of AAZ, NN, SS and their family members, who are controlling the money mafia.
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May 16, 2019 12:35pm
Friends give him time. He does not have a magic wand to cure all economic problems in just one year! You have elected him for 5 years and judge him after 5 years.
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May 16, 2019 12:37pm
Everyone jumping to conclusion here. Remember initial assessment was that Pakistan need around 12 billion dollors to support balance of payments. With IK this was reduced to half no one is giving credit for that. Also imagine if we needed 12 billion dollars how tough conditions would be. We cannot run a small house the way NS and Zardari run this country. They made us bankrupt. If people want to bring them back they are welcome .
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May 16, 2019 12:41pm
Funny and Sad that no one mentions about the Selectors of this Selected Government.
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May 16, 2019 12:41pm
Its very good opportunity for Export of goods and services from Pakistan. It will bring valuable foreign exchange for the country. Pakistani expats should be encouraged to send more money to home country. I am sure you Govt is already doing it.
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May 16, 2019 12:42pm
I remember when Pakistani rupee was stronger than Indian rupee.
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May 16, 2019 12:42pm
Cpec completion will solve all economic problem. Wait
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May 16, 2019 12:44pm
What happened to Pakistan? The "elites" ate it...all of it.
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May 16, 2019 12:52pm
I knows only 1 INR = 2.1 PKR....
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May 16, 2019 12:52pm
@SM, There is no looted money. It was all an eyewash.
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May 16, 2019 12:54pm
@Ahmed40, and bring back the corrupt Pml and ppp. No thanks
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May 16, 2019 01:06pm
@Mumbai_Man, We have already been in the situation before in 1991. But Indian policymakers corrected course & the pain we endured back then was limited. I'm happy with the way things are panning out.
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May 16, 2019 01:08pm
In India Forex and rates are determined by RBI/ central bank of India, and exchangers need to follow that rate. however in Pakistan i am shocked to find this is run by exchange houses, which are not organised.
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May 16, 2019 01:09pm
Heading towards Double Century
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May 16, 2019 01:11pm
Imran Khan is just like modi all talks no action.
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May 16, 2019 01:15pm
@Humble , because almost everything in pakistan is imported and payment needs to be done in USD
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May 16, 2019 01:16pm
Internal mafia's harming Pakistan. The intelligence services should find out who is behind all this to destabilise the country.
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May 16, 2019 01:16pm
What a great, gruesome, gigantic and grave tragedy?
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May 16, 2019 01:17pm
I was a fan of IK but had no idea of his incompetency at such height. Usually conscientious rulers resign at this plight of economy, but Pakistan is an exemption.
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May 16, 2019 01:17pm
@Amir Khan, because IK has already taken more than 10 billion in credit and cash from other nations already. Totals more than what was required.
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May 16, 2019 01:19pm
This is how the 'Free Market' works.
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May 16, 2019 01:22pm
What happened to the oil reserves that were supposed to be found a month ago. Last month IK said they have almost found them and in 2 weeks there will be big announcement.
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May 16, 2019 01:22pm
Propaganda onTV talk shows and mafia playing the stock market internal enemies because they do not want restructuring they want corruption as usual.
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May 16, 2019 01:23pm
$ 38 Billion X Rs.150 / 19.7 Crore Pakistani's = Rs.29000 deficit budget per person . Am I actually talking sense ? Where from did we develop such a load on our children ? Do we want them to keep cursing us even before we are gone ?
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May 16, 2019 01:27pm
I thought Pakistanis were brave and wanted to fight and defeat the mafias. When the going gets tough fight harder to succeed and bring the country into the 21 century. The government should find out which mafia is behind this concerted destabilisation.
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May 16, 2019 01:28pm
Cannot understand what the Imran Khan supporters are fighting about now. He was made the PM, is sitting comfortable and has neither the team nor the competence. The continued ranting against media and aggression against patriotic Pakistanis who are worried about where we are heading will get the Imran Khan supporters nowhere. Better to put pressure on their leader and make him acknowledge the disastrous situation by listening and mingling with common people instead of the elite only - bureaucrats, businessmen and feudals
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May 16, 2019 01:28pm
@Sabir, Punjab Pakistan , Imran Khan is just like modi all talks no action."
One us dollar is equal to 70 Indian rupees!
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May 16, 2019 01:28pm
Where are you? Now it's time to change. Before its too late .
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May 16, 2019 01:28pm
@Sweets, you sound like indian
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May 16, 2019 01:30pm
@F35, why not at 148?
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May 16, 2019 01:30pm
@Amir Khan, We cannot run a small house the way NS and Zardari run this country. "
Please tell this to yourself when you go out to buy food, medicines, etc.... Hope you will be mentally relaxed by this....
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May 16, 2019 01:31pm
This is pure manipulation to defame the current government... never heard of same rupee fall even when the situation was worse then the current.
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May 16, 2019 01:34pm
What is the rate in the black market where tax evaders will be converting in a flight to safety ? I think the Rupee will fall and stabilize around 200 in Naya Pakistan. It looks like a government of the elites, by the elites and for the elites.
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May 16, 2019 01:34pm
@Jeetesh Dash, I think you forgot to add one more zero...
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May 16, 2019 01:34pm
Two more runs required for IK to score 150 not out.
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May 16, 2019 01:40pm
@aisha, Very simple. The opposition and the looters who are bent upon ruining the economy to come in power again to continue with their corrupt practices. It is very hard to digest that IMF agreement is only responsible for the decline as in Pakistan all big businessmen are dollar hoarders and working closely with money changers.
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May 16, 2019 01:41pm
Naya Pakistan where nothing is in control
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May 16, 2019 01:43pm
Demonetize is the answer
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May 16, 2019 01:50pm
The IK and the PTI government cannot fix the volatile rupee by holding meetings with the traders, they need to stalize the economy first.
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May 16, 2019 01:53pm
Just wait for few weeks, you will get amazing price for dollar in Pakistan.....good days coming soon for pakistanis with dollars in naya Pakistan.
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May 16, 2019 01:57pm
Economic hit men at work
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May 16, 2019 02:00pm
Anybody surprised? Not me....
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May 16, 2019 02:01pm
Poor fiscal management
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May 16, 2019 02:02pm
@F35, Why? All those complaining should step up to the plate and show they can do better. Don't be a backseat driver.
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May 16, 2019 02:04pm
Investor confidence has been shaken. Allowing the market to determine the rate as demanded will bring out the speculators. The Central Bank must intervene to keep the rate steady.
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May 16, 2019 02:04pm
@Sab Se Pehle Pakistan, The 'System' is completely failed but it insists it works and better than any system yet. No system to daunt the current system.
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May 16, 2019 02:06pm
@AG, This is exactly my point you cannot keep spending beyond your means.
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May 16, 2019 02:07pm
@Kashif Sekha, Recovering looted wealth is not easy or pays well. UK and India have learnt that.
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May 16, 2019 02:13pm
1 US$ = 84 Bangladesh Taka.
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May 16, 2019 02:19pm
Where is "All Weather Friend" ??
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May 16, 2019 02:23pm
But we have CPEC?
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May 16, 2019 02:27pm
At the moment 1USD = 141.298 Rs
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May 16, 2019 02:31pm
Great job Imran Khan !
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May 16, 2019 02:31pm
Im a trader by Monday market opens up at 165 ,buy as much u can
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May 16, 2019 02:33pm
very high inflation is waiting ahead for common man.... PM IK doesn't understands economics...his decisions has destroyed Pakistan's economy
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May 16, 2019 02:38pm
what a flop this government has been. the only thing they have got is NS and Zardari corruption.
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May 16, 2019 02:40pm
I have converted 90% of my PKR to USD already. No trust in the system
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May 16, 2019 02:41pm
@Govind_Indian, "Better for exports of Pakistan." Their exports bring no foreign exchange.
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May 16, 2019 02:48pm
I pity the parents of Pakistani kids studying in US Universities.
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May 16, 2019 02:48pm
Better to buy lots of dollars for future.
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May 16, 2019 02:51pm
It Seems that incumbent government has no plan to steer Pakistan From this economic cauldron. After having Deal with IMF pakistani Rupee will further depreciate against the American dollar, It could hit 180 or 190 mark in next 2 to 3 years.
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May 16, 2019 03:01pm
@Aslam , When? Today is half of INR
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May 16, 2019 03:06pm
Bros...Be prepared for tough times. Interest rates will rise, Inflation will rise, External Debt repayment will push the dollar rate more. Imran might want to consult MMS for advise. It could also lead to social unrest
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May 16, 2019 03:13pm
My sympathies to fellow Pakistanis for the situation. The problem is built over decades and takes at least another decade to bring it to normal if right policies adopted now. IK need support from general public. I notice that these is no competent team (think tank) in Pakistani Government who understand economy and steer it in right direction.
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May 16, 2019 03:30pm
it will be 150 and will settle there
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May 16, 2019 03:30pm
@Waseem,
Probably it is a conspiracy hatched my Nawaz, Zardari, Mariam and Dar to defame the best government Pakistan ever had.
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May 16, 2019 03:33pm
IK is living in a fool's paradise. He has no idea how to manage the economy or govern the country. This guy will take Pakistan 25 years back in terms of the economic conditions of the average Pakistanis.
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May 16, 2019 03:42pm
Why Pakistan not consider it is opportunity for increase exports
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May 16, 2019 03:45pm
This history will be changed many times so how many times this news heading will be published?
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May 16, 2019 03:48pm
Anybody contemplating a unique conspiracy theory?
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May 16, 2019 03:54pm
So with increase in the value of $, the actual amount of loans received in dollars goes down, but the amount to be returned including interest and principle goes up ! And IMF has not as yet approved the 6BN $ loan as yet
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May 16, 2019 04:00pm
really bad move
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May 16, 2019 04:06pm
@Fair-Point
He has already taken Pakistan back by 25yrs.Most of the foreign investment in stock market has been taken out and index came crashing down from 55000 to 34000 points.This is a loss of over a trillion rupees to national economy. Some yahoos are still beating the drum of corruption .It’s silly!
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May 16, 2019 04:18pm
Hope Pakistan makes pop corns and does not import them. Otherwise watching this great entertainment show will lack the pleasure of pop corn. I’m loving it. Inflation here is 3 per cent and pop corn doesn’t seem to be on that list.
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May 16, 2019 04:19pm
He's (Imran Khan) got the whole world in his hand. He got the whole world in his hand. PTI will self destruct
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May 16, 2019 04:29pm
We need to stop the daily currency movements to an extent as done successfully by our neighbors. The idea of a free float currency is good for certain countries but largely inappropriate in Pakistan . We cannot become Sweden overnight by following their economic policy . We need a mix of social , free market and build an economic model that suits a largely agrarian and limited industrial base . The Bangladesh model of micro finance and the Indian model of land reform and the Chinese model of continuous growth combined with the western models of knowledge based export will take its own form . We need consistency in our policy and no party should be blamed or get credit for the economic situation as that is the root of all our policy evils .
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May 16, 2019 04:29pm
See the rising graph??? What are Imran bashers complaining about?
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May 16, 2019 04:31pm
@GH, "Why Pakistan not consider it is opportunity for increase exports"
At the moment Pakistan is only exporting "trained individuals".
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May 16, 2019 04:32pm
@Hamza , "very high inflation is waiting ahead for common man.... PM IK doesn't understands economics...his decisions has destroyed Pakistan's economy"
Hey but he is/was handsome.
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May 16, 2019 04:33pm
This should cease to be news anymore !
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May 16, 2019 04:34pm
@ISHIKA, who taught you maths ?
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May 16, 2019 04:35pm
How long you going to blame the previous government for making people poorer day by day.
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May 16, 2019 04:38pm
If IK wants lower dollar value against PK, the he should stop dollar flight from Pakkistan. Stop open purchase of foreign currency in open market.
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May 16, 2019 04:40pm
Team IK...the GIGO effect continues!
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May 16, 2019 04:53pm
@Aslam , yes put it to your memory.
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May 16, 2019 04:55pm
A leader must lead his people when they are in despair
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May 16, 2019 04:58pm
@shan, should have elected an educated leader
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May 16, 2019 05:01pm
Good for overseas Pakistani people and their family in Pakistan.Everyone knew this going to happen. Lot of people dealing in either Dihram or Dollar in Pakistan.
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May 16, 2019 05:07pm
1 usd= 200 is coming soon.
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May 16, 2019 05:11pm
World's Best All-Rounder: 10 Reverse Swing Decisions in 1st year. Century ($100B) on International Debut. Soon followed by a Double Century (200 PKR/USD) record Domestic Score.
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May 16, 2019 05:19pm
@Truth, No exchange rate is not determined by RBI and banks in India but by demand and supply. If there is speculation resulting in big variations RBI uses its huge reserves and asks banks to intervene to stabilise.
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May 16, 2019 05:21pm
@CHETAN VYAS, " it will hit 250 by dec. 2020". You are too optimistic. It will hit 350 by the end of this year.
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May 16, 2019 05:22pm
I think now Imran Khan forget that how much external debt increases with the devaluation of rupee against dollar.
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May 16, 2019 05:23pm
really nightmare
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May 16, 2019 05:24pm
I think, PMIK wants to take us to 1992 when he won world cup and brought glory, then he will start delivering and play like slog overs and make world champions again, like world best country to do business, best education, world class sports facilities, all good things.
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May 16, 2019 05:24pm
@Jatin, "Where is "All Weather Friend" ??" All Weather friend is smiling. They will get more in return for the CPEC loan.
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May 16, 2019 05:32pm
Previously people used to blame Nawaz and now army backed Imran Khan govt is there no one can question IMF loan or rupee depreciation or other chinese loans and its conditions. Its just a matter of time when rupee will be at 200 against dollar and all the commodities will get so expensive that middle class people will find hard to manage and BPL will rise from current 30% to 50%. But listen no one can question Imran as it is naya pakistan
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May 16, 2019 05:42pm
Naya Pakistan Naya rate for dollar.!!
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May 16, 2019 06:13pm
pakistan should change its currency to Chinese yuan, that way it will be more immune to market fluctuations.
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May 16, 2019 06:19pm
I believe IK government is following the right course. You cannot expect magic from a 10 month old govt. It will take time to improve. There is no gain without pain. Wait and let the govt. work for 5 years. If my fellow countrymen have tolerated big corruption and mismanagement of last 30 years, just accept a little more pain, and play your own honest role. Why everyone blames IK? what wrong has he done? He is working day and night to solve this massive economy problem. If you cannot support him, at least don't condemn him. Let him work.
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May 16, 2019 06:22pm
@Swams, this is the mindset that makes dollar more expensive. Instead of hording, reduce reliance on it.
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May 16, 2019 06:25pm
Naya Pak comes with New Dollar rate every Naya Day... we should learn thing or two from India instead of always fighting with them.
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May 16, 2019 06:26pm
@Jamil, who is going to finance "No panic", and until when.
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May 16, 2019 06:31pm
It should reach 160 by end of this month as per IMF conditions.
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May 16, 2019 06:35pm
@Aslam , That must have been a long time ago. Today Indian Rupee is trading at 70 rupee against USD.
Hmm.....wonder what is India doing right that Pakistan is not doing ?
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May 16, 2019 06:36pm
@Sweets, Yes, this is what the trend looks like.
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May 16, 2019 06:42pm
There is a saying "things get worse before it gets better" don't lose hope. Two things are slowly but steadily shaping up. CPEC and huge oil discovery offshore. First will bring in investments and jobs in long run, second one will save precious money from going out. Trust yourself and hold on to the hope as light is clearly visible at the end of the tunnel. Any one in the govt in current situation would have done the same, no point blaming the current govt, they are trying there best.
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May 16, 2019 06:43pm
@F35, Give him his full 5 year term to deliver as that is what he was elected for. Cant fix everything in 1 year.
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May 16, 2019 06:44pm
If situations will be like this for another 3 months , the borrowed money from IMF will be evaporated in no time.
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May 16, 2019 06:48pm
Nawaz was corrupt BUT at least somehow kept Pakistani economy floating but IK is simply incapable to govern ! I see dollar will be 200 rs by end of the year !
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May 16, 2019 06:55pm
Dire state of economy, time for change overall policy. As soon as the Indian election results are out, make peace with India and open the borders for trade and transit route to central Asia bya Afghanistan. Best thing can happen to the region and Pakistan,s economy woes gets a respite.
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May 16, 2019 06:57pm
When a person who has no administrative experience of any organization can’t run a province or City became PM of broken country this is bound to happen.
PMIK lost all credibility for common citizens of Pakistan as he can’t contain inflation. All promises regarding Naya Pakistan are going in to drain within first year.
Rahul Gandhi May be better than him as Pakistan PM. He has scheme called NYAY Rs. 72000 as minimum wage for a family, which is similar to IK Naya.
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May 16, 2019 06:58pm
Time to replace Rupee by Chinese Yuan and gradually accede to China within IK's five years, 72 Years of not so glorious history can be pushed to oblivion in no time, a win-win for both.
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May 16, 2019 07:00pm
@Asif, Yes, Ramadan has brought lot of gifts for poor, keep fasting till you fall.
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May 16, 2019 07:09pm
But Pakistan has two two "game changers" why is it worried. CPEC the old one and then the new one announced by none other than PMIK himself. The "soon to be" found (huge amounts of) Oil and Gas. I mean why are the markets and rupee so shaky and nervous. Don't they trust their PMIK that "soon to be" found Oil and Gas will be found "soon"?
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May 16, 2019 07:10pm
We have billions out there in stolen wealth where is it? Because the same people who stole are opposing pti while criticising our economy so pm Khan needs to pull a fast wicket out of the bag.
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May 16, 2019 07:28pm
@anonymous, Great for China. They will reap in more rupees servicing their interest on loans.
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May 16, 2019 07:33pm
its going to be always historical high since the rate has never come down
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May 16, 2019 07:36pm
Maulvis can't dictate economy. Fair value of 1$ is about RS 161 as per market rate. Exports will flourish due to it.
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May 16, 2019 07:42pm
+Whether u win or lose a match there is always a press conference.
This Govt is soooo silent, it appears itself lost.
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May 16, 2019 07:47pm
70 Indian Rupees is equal to one dollar. One Indian Rupee is equal to 2.1 Pakistan rupees. So the actual value seems to be more or less correct.
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May 16, 2019 08:01pm
I will invest in Pakistan only when the price touches 200/-...period.
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May 16, 2019 08:06pm
@Careless Whispers , Here the issue is a Balance of Payments crisis. The total amount of funds required by Pakistan (Traders, Importers Less Exports, Tourists etc) is less than the funds in the current account. Hence there is a large deficit. Usually this deficit would be plugged by Capital Account/Financial Account by way of selling assets (Pakistani assets). Capital account is monitored alongwith the current account by IMF. It is very highly probable, and we can only speculate here, that capital account would show a high amount of sale of assets to purchase/borrow the US$. This is exactly what IMF is going to do. Lend us US$ to fund our capital account. Until then the exchange rates will truly reflect the market prices. It is useless to try to somehow stop that changes. PTI is trying to change the current account deficit, e.g. reducing purchase of US$. If the reducing the current account deficit status was so easy, then we would not have gone back to IMF.
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May 16, 2019 08:07pm
All the trolls of PTI are hiding in their holes.
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May 16, 2019 08:13pm
Another somalia in making
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May 16, 2019 08:17pm
Who fixes the exchange rate for the bogus and fraudulent paper currency? Use of e-money is the height of scam monetary system to enslave mankind.
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May 16, 2019 08:17pm
IK setup a committee . Now everyone can rest easy.
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May 16, 2019 08:23pm
We are hitting highs everyday. "low" is not in IK's dictionary.
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May 16, 2019 08:26pm
@IndoPak, What was wrong with what I said. Calculate the loan amount in $ and then convert it in to PKR per new rates. If you took $1 when PKR was 100 and now have to return the same at 148 Plus Interest. How much do you end up paying? Instead of paying back 100PKR +interest now you will pay 148+interest. Sir where did YOU study maths?
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May 16, 2019 08:32pm
@Khan, thanks to PTI. Don't blame past unnecessarily
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May 16, 2019 08:39pm
Cancel all 5000 rupees notes. Billions of corruption money is circulating to buy any dollars in market. Very simple...
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May 16, 2019 08:45pm
CPEC will change the fate, wait Soon dollar will come to 50
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May 16, 2019 08:53pm
When you actually address your economy this will happen, no pain no gain.
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May 16, 2019 08:59pm
@Aslam , corner plots?
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May 16, 2019 09:01pm
@Saleem, "CPEC will change the fate, wait Soon dollar will come to 50"
wake up...you are dreaming!!!
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May 16, 2019 09:07pm
Pakistan's unhealthy obsession and conflict with India comes at a heavy cost.. Pakistan's economy will boom if it has good relations with India and all it's neighbors..It has to decide whether it wants perpetual war with India and economic catastrophe or a peaceful coexistence with bilateral trade..
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May 16, 2019 09:13pm
Economy is not an issue at all, mercenary is what should be of utmost importance
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May 16, 2019 09:16pm
Grapevine info - PKR set to reach 200.
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May 16, 2019 09:19pm
Pulwamas long term impact on economy .
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May 16, 2019 09:21pm
@Govind_Indian, Devaluation does help in exports given there is a export market where monopoly is held by Pakistan. Moreover any guess who is the largest partner for Pakistani exports? It's US and they will benefit from cheaper Pakistani goods not the other way around.
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May 16, 2019 09:25pm
The ball has been set to roll by the govt.’s failure to let the lid off on the agreed term of agree to concluded last week.The financial market already rife with all kinds of speculations is reacting inexected jitteriness & in constant turmoil. Learning a lesson from what happened post 2015, when Egypt under the stewardship of our new GSBP, opted for fulfillment of term of IMF $12B loan. The Egyptian pound lost its value by 50p.c, inflation skyrocketing, poverty becoming crippling with govt subsidies gone, is similar nightmare, in the making in Pakistan.
Notwithstanding, govt.’s latest effort to contain fast ongoing devaluation of PKR, our economic managers may be aware of the fact that free float of currency is at the mercy of market forces & to control its downslide can only control through massive injection of dollars which is not the case. Therefore, in the days to come further devaluation is likely to happen till the PKR finds its true value commensurate with the market direction
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May 16, 2019 09:43pm
@Akkad Durrani Engineer USA, it’s interesting you bring up case study of Egypt. Any guess who was the IMF advisor for Egypt when it went almost bankrupt? No other than your own ‘new financial advisor’ to PMIK.
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May 16, 2019 09:48pm
The export industry in Pakistan has not been taken care of. Name something that the world extremely desires and Pakistan being the only country able to produce that item ?
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May 16, 2019 10:33pm
@Aby,
Theoretically yes. But with increase in electricity, salary of employees to adjust with rising inflation, production cost will also increase. So, eventually export cannot benefit from devalued rupee. Note that we have limited export items and unless the government would look for new markets, export does not hold that much of future. We also import a lot more than exports. See today's article on export and import under various governments since early 2000. Eventually, we will be a big loser.
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May 16, 2019 10:34pm
When you agree for free float of your currency according to market sources, demand and supply forces determine the rate. The supply is generally known but demand is unknown. It will take a lot of time to stabilize the exchange rate market. Till then, rupee will continue to fall.
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May 16, 2019 11:00pm
Within a month it is expected to reach 240.
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May 16, 2019 11:01pm
@Vikas, Yes, the oil is getting formed upon the fossilization of people perishing due to Imran Khan's policies now. It will be found 'soon'.
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May 16, 2019 11:05pm
But there is a silver lining. High rupee price will reduce the unnecessary imports and Thus minimize the trade balance. No?
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May 16, 2019 11:28pm
@Zulm, you pointed a serious thing, every pakistani must have understood.
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May 16, 2019 11:44pm
Go Nawaz Go. 1000 times daily: Morning, Afternoon, Evening. On the roof of container. All isses will be resolved very soon. Naya Pakistan is Visible Now.
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May 17, 2019 01:00am
Brace yourselves: there is going to be a "new historical low" for the Pakistani rupee every day for the next 6 months. The dollar is getting stronger against all currencies, and that will only exacerbate the fall of the PKR.
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May 17, 2019 01:40am
@A shah, Is this a CRUEL joke?
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May 17, 2019 01:54am
Running a country is not a cricket game. We need to have some experience as a CM or a minister to know how politics is played. Why can’t India and Pakistan do business in rupees for essential items then who cares dollars. Pakistan has the potential hopefully it will be in right path soon.
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May 17, 2019 02:57am
Good news it means the rate is not being kept down artificially by the government. When we finally begin to payoff debt then this was bound to happen in the short term. In other words right now is a great time to invest in Pakistan and take advantage of the weak ruppee.
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May 17, 2019 03:06am
170 by year end and 200 by the end of next year.
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May 17, 2019 03:37am
IK what a disappoint you have been. Never imagined that you are only talk no action, IK you are good only in talking ,you are really incompetent ,NS was much much better than you now i repent wasted my vote want old Pakistan back
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May 17, 2019 04:00am
@Majnu786, Not always true. In the past one year the rupee devalued by almost 45% (from about 100 to 145) while the Indian rupee did not change much and today stands at 69. We did not take advantage of that. Our exports still are below 25 billion while India exports grew up by 10% year to year. On top of that we also have GSP+ status from European Union while India does not. Even then we could not compete with India. Problem is we have severe shortage of power and gas and our manufacturing is not competitive. We do not have money to spend on infrastructure development as most of our budget is allocated to the unmentionable department. Another thing is because of inflation our production costs of goods tend to be higer eating into the advantage we get from devaluation of the rupee.
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May 17, 2019 04:02am
@F35, Why? He is waiting for double century and as he thinks everything in terms of cricket terminology, he thinks it is great.
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May 17, 2019 05:54am
@Indian, you are absolutely right it was suppose to be worse in the beginning before it will going to get better
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May 17, 2019 05:55am
@Govind_Indian, yeh but it’s not happening yet do we are getting panic
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May 17, 2019 05:55am
According to one TV anchor only the MoU has been signed with IMF. I have a feeling they have been told to wait until the FATF ruling to complete the agreement.
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May 17, 2019 05:57am
@Amir Khan, you are absolutely right
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May 17, 2019 05:58am
PTI should stop talking in cricket language. "Opening batsman", "googly" etc etc.
It is irritating and shows that this government thinks it is all just a game.
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May 17, 2019 07:00am
@Khaled, you have to pay 65 billion dollar loan taken from china for CPEC also and weak Pakistani rupees would put more pressure on internal exconomy as Pakistani export are more then import .
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May 17, 2019 07:02am
@Indian, WOW Indo brother wishing well. I love you Indian family, I know there are millions like you in silent majority in both IndoPak, who wishes brothers well.
IndoPak Blood Brothers 4 Life!
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May 17, 2019 07:23am
This slide is bound to continue. Pakistan was facing a massive crisis of forex for paying import bills. Imports were more than twice the total exports (FY 2018). Getting funds is onething and growth is another. India faced a massive crisis in 1991. Was a closed economy. Opened it up and the amount of FDI and privitization ensured massive inflow of forex. To come out of the crisis Pak needs to either attract a lot of investments or increase exports. There seems to be no well thought out plans in place that would achieve either.
Austerity measures/cost cutting has some positives but what the Pak govt really needs to focus on is increasing inflow-income/investments. Also the message we get is that CPEC or the Chinese investments are more in the form of debt. Do Chinese firms own any of the infrastructure? Or hace they been licensed any infra? Eg Tolls for roads and highways made as a part of CPEC. Could be given to Chinese firms for say 10-20 if they are incurring the cost to build it.
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May 17, 2019 08:12am
Why would PM take action against the corrupt mafia when one exists in his own siblings?
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May 17, 2019 08:43am
@Zulm, Pakistan is now behind Bangladesh in exports. Very sorry figure. Pak govt needs to boost exports and create an environment that draws FDI. You have hit the bulls eye with your observation. Pak needs to innovate. If Oil is found in the offshore basin then that will be a big relief momentarily and govt should build on that and the money they have got from UAE, KSA and IMF.
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May 17, 2019 09:27am
The present government has been deceived the most by the overseas Pakistanis. Look at IK's first public addressed, he was over relying on them for "huge" remittances but remittances have in fact gone down since his take over. Though overseas Pakistanis are too "patriots" to be doubted, they have preferred to keep their monies safer in their countries of residences over handing them over to this "unsettled" and "ill-directed" group of politicians, called Government. The overseas Pakistanis could be termed to have acted more 'selfishly', where at one end, they did not support IK's call for $1K funding per person, on the other hand, in general, they even withheld their "official" channel remittances.
Where the locals are losing to increasing cost of living for this devaluation, they are gaining on their increased home remittances, mostly through unofficial channels.
Second reason for this sudden and unprecedented devaluation is government's failure to raise any significant foreign investment, may be due to investors lack on confidence in the government's policy direction, vision or capabilities.
The third reason to hit the dollar-rupee parity is YET to come as no significant repayment is made yet during last 10 months, while the government has already tried to hide its failure under this single reason and factor alone!
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May 17, 2019 03:19pm
@khan , If the government tell IMF, we did borrow money from you, but you will not be dictating or controlling how we manage our economy. You will be paid on time. Foreign travel should be curtailed, students and business trips be viewed differently.
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May 18, 2019 07:08am
You guys need to increase exports to stay afloat. Or else your PKR will keep on dipping.
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May 18, 2019 08:15am
@Fair_Point, Not sure why IK is being blamed for this. PM cannot control the exchange rate for long durations. When Pakistani people aren't producing enough export-worthy stuff, no PM can help. Blaming it on the PM is easy. IMO, only thing PMs is a democracy need to do is not be corrupt and not be stupid. IK is smart and honest. He may not be an intellectual or an economist but he has will power. Allow him time. And people need to understand that they are equally responsible and not just politicians.
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May 19, 2019 03:34am
Very soon by end of year it will be heading toward 200 RS to 1 dollar.
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