Dollar gains Rs1.70 in open market
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The US dollar on Monday firmed against the Pakistani rupee, gaining Rs1.50 in the interbank market to Rs150.40.
The greenback also gained in the open market by Rs1.70, with one dollar trading for Rs150.50.
Currency dealers held the financial year end, coupled with baseless rumors about a higher future value of the dollar, responsible for the situation.
According to dealers, dollar flight has increased because multinational companies are taking profits out of the country as the book closing date — June 30 — is approaching.
As a result, they said, demand for the greenback has increased, putting the interbank market under pressure, whereas the open market is just following suit.
On the last trading session, the dollar was trading at Rs148.8 and Rs148.9 in the open and interbank markets respectively.
Meanwhile, gold closed at its all-time high. The yellow metal gained value by Rs700 per 12 grams and traded at Rs72,400.
The capital market also shed 938 points due to political uncertainty and upcoming budgetary measures.
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On DawnNews
Comments (33) Closed
Jun 10, 2019 08:12pm
$ will reach 160 PKR after the budget
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Jun 10, 2019 08:19pm
Good for exports but very bad for imports.
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Jun 10, 2019 08:19pm
This is looking more normal
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Jun 10, 2019 08:24pm
Why is the profit being repatriated by foreign companies? It should be banned.
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Jun 10, 2019 08:31pm
Double Ton by September
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Jun 10, 2019 08:35pm
I will visit Pakistani when 1inr = 10 pkr .....I hope this visit within 4 to 5 year....what you think
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Jun 10, 2019 08:35pm
if crude price go up indian currency value depreciates....but with much fewer automobiles Pakistan must be resistant to it....
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Jun 10, 2019 08:41pm
When Zardari and Nawaz are both in jail than why the Rs is still declining, who is sending money outside ?
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Jun 10, 2019 08:46pm
@Chauhan, PMIK will not disappoint you.
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Jun 10, 2019 09:21pm
A small price to pay to see Nawaz and Zardari and Co in prison.
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Jun 10, 2019 09:57pm
Where have you gone Ishaq Dar?
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Jun 10, 2019 10:37pm
It was expected. Eid is over so now decline of Pakistani rupee will continue.
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Jun 10, 2019 10:42pm
Keep it up. Increase every day. Naya Pakistan need increase everything to cover 70 years mess and next 30 years mess they will mess.
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Jun 10, 2019 10:52pm
@Dr. Salaria, Aamir Ahmad, Good for neither. With the great price advantage they have, Pakistani exporters, even in the textile sector cannot match Indian and BD exports.
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Jun 10, 2019 11:07pm
Bad news for people because everything will be expensive and national debt wIll go up too in rupee terms.
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Jun 10, 2019 11:18pm
@Dr. Salaria, Aamir Ahmad, thanks for sharing your deep expertise in the area of import and export!
Sometime you do not need to put your educational background in postings because people will loose interest in going for higher studies:-(
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Jun 10, 2019 11:29pm
Nothing to worry. According Pakistan's beloved liberal arts major and presumably expert in everything said PKR 1 = $200 before you even know. It will be very soon may be by next week. HoardPakistani rupees as much as you can.
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Jun 11, 2019 12:18am
Seems everything is falling apart in NAYA PAKISTAN!!! Please give back our Purana Pakistan
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Jun 11, 2019 01:16am
If Modi had agreed to a meet with IK even for 5 Minutes and announced it publicly, Dollar would have going in REVERSE Direction.
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Jun 11, 2019 02:52am
@Dr. Salaria, Aamir Ahmad, your exports also come down , read SBP report,still IMF loan is not sanctioned
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Jun 11, 2019 02:55am
@Manoj, where are you from, in India all foreign companies do , but they invest also,but in Pakistan many packed their bags and left for good
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Jun 11, 2019 03:41am
1 US$ = 84 Bangladesh Taka.
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Jun 11, 2019 04:11am
@Sameer, Then kindly pay on the behalf of all Pakistan, we believe you have such amount, because lately the population is not even willing to pay tax, because now the biggest THUG is in the highest office right now.
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Jun 11, 2019 04:15am
Things will go bad because of inexperience and incompetence of IK team. Instead of taking steps to improve economy they are going in opposite direction like warning people, businessmen with tax officials on their back. Not all are corrupt but you ask anybody to prove their income/expense 10-20 years ago (like Sharif), not many can prove without doubt. Most corruption happen with government & military officials but they are not targets. Targets are all political and IK team has made the process so controversial and political that now nobody believe in even genuine cases.
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Jun 11, 2019 04:44am
It will make more people millionaires, a great move by Naya Pakistan chief.
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Jun 11, 2019 04:59am
@Dr. Salaria, Aamir Ahmad,
Export what?? Brides and taxi drivers?
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Jun 11, 2019 05:32am
@Ahmed, He has gone away to enjoy the USD and GBP he squirreled away at unrealistic rates.
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Jun 11, 2019 06:16am
Government is just focusing on the opposition!
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Jun 11, 2019 06:32am
Yohoooo ishqdar where are you
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Jun 11, 2019 06:44am
@Chauhan, it could be much sooner rather.
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Jun 11, 2019 07:31am
@Chauhan, In that case, there will be nothing left for a visit.
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Jun 11, 2019 09:34am
Talk to Iron Biraadaar agree on a link like Nepali rupee to IR and then go for a fixed rate to yuan. Then only yuan fluctuations will matter. FX reserves will be over 3 trillion dollars and CPEC coupled with currency will be the real game changer
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Jun 11, 2019 10:41am
@Desi Dimag, Keep dreaming!
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