Dollar gains Re1 to reach Rs153 in open market
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The value of the US dollar against the rupee continued to strengthen, with the greenback reaching Rs153 in the open market on Thursday afternoon.
The US dollar climbed Re1 each in the interbank and the open market. Its value strengthened to Rs152.95 in the interbank market.
Currency dealers held the financial year end 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.
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On DawnNews
Comments (44) Closed
Jun 13, 2019 01:20pm
Welcome to Naya Pakistan.
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Jun 13, 2019 01:22pm
No stopping of GOOD news even after budget!
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Jun 13, 2019 01:27pm
Congrats
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Jun 13, 2019 01:28pm
Is there any competent functional govt in Pakistan?
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Jun 13, 2019 01:35pm
Rs now reflects true value.
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Jun 13, 2019 01:38pm
Seems bad news all day..first budget, next pak team loses match, next modi's snub now this news of dollar strengthening.
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Jun 13, 2019 01:41pm
Dollar can be 100 PKR in a week if I k wills .Ask people to exchange all foreign currencies in rupees in 3 days otherwise will be prosecuted and jailed for 1 year minimum.I bet
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Jun 13, 2019 01:46pm
Let's get Ishaq Dar / Miftah Ismail back, please!!!
Whatever they were doing, was working.
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Jun 13, 2019 01:53pm
Once again the foreign currency rollercoaster is in action. This incompetent and failed government has no way of checking this. So much for IMF choice Reza Baqar.
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Jun 13, 2019 02:04pm
All IMF conditions have been met successfully. $ is now more free than the democracy in Pakistan.
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Jun 13, 2019 02:10pm
Now India Rupee is more than twice as strong as Pakistani Rupee.
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Jun 13, 2019 02:12pm
1 US$ = 84 Bangladesh Taka.
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Jun 13, 2019 02:23pm
People should stand-up against this fake regime and save this country from further deterioration.
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Jun 13, 2019 02:26pm
The sooner you bring back "purana" Pakistan the better. Imran Khan should be the head of PCB - not the nation !!
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Jun 13, 2019 02:31pm
IK will make double ton soon after the World Cup final to show the Pak Cricket Team how to showcase the skill in world.
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Jun 13, 2019 02:35pm
By September 2019 --- It will Cross 175
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Jun 13, 2019 02:39pm
This happens when PM of country is appointed from national liesure games like cricket whose captains provide entertainment to masses. However, its astonishing that only in Pakistan the cricket which is only knows in 6 or 7 countries is so powerful that the captain from its team is appointed to Pakistan and what was the criteria? He won 1992 worldcup. May I say that hockey team also won worldcups, snooker team, jahangir khan was 10 times the world champion why they are ignored. Do give them chance as well to let Pakistan pass through more misery
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Jun 13, 2019 02:43pm
Bet nawaz sharif sounds like a delight now !!
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Jun 13, 2019 02:43pm
Market adjustment... the Rupee was artificially low and this is what happens when corruption is actually realized now. The true value of Rupee may even slip further as more things are uncovered. Multinational corporations do this all over the world so it’s nothing new.
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Jun 13, 2019 02:44pm
The appreciation of the value of U.S. dollar against Pak Ruppee is primarily due to two non-quantitative reasons; speculation and sheep walk.
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Jun 13, 2019 02:51pm
@Lilly,
Yes Indian Rupee is getting stronger and we NRIs have are losing the money while remitting. Atleast situation is good for Overseas pakistanis.
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Jun 13, 2019 02:51pm
Economists estimate that Pakistan was part of the wealthiest region of the world throughout the first millennium CE, with the largest economy by GDP. Then the cultural change took its toll. Time to reverse that. Pakistan can become a successful economy in 10 years if the focus is changed from religious-nationalism to economic progress
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Jun 13, 2019 03:05pm
Exchange rate is not an indication of economic strength. You can have strong economy with a very high exchange rate and vice versa.
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Jun 13, 2019 03:10pm
This is the beginning. Everyone is going to move his savings and assets out of Pakistan. Why pay without any social welfare benefits.
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Jun 13, 2019 03:36pm
Everything will be fixed in 100 days!
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Jun 13, 2019 03:51pm
There are u turns everywhere except the economy and currency values
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Jun 13, 2019 03:53pm
Allow Indian Professionals to handle economic policies and Investment !!! Otherwise face uptill Rs.200 till year end!!!
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Jun 13, 2019 04:13pm
@Ali Hussain , "Exchange rate is not an indication of economic strength." Correct it is not the only indicator but other indicators like GDP growth rate, unemployment,,per capita GDP,exports, fiscal deficit,tax to GDP ratio etc also sliding down. So better not to hide behind one liners and accept the situation is not good.
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Jun 13, 2019 04:13pm
@Awalmir,
The sooner you bring back "purana" Pakistan the better. Imran Khan should be the head of PCB - not the nation !!
You are totally right!
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Jun 13, 2019 04:14pm
Happens with wrong priorities
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Jun 13, 2019 04:22pm
Devaluation only can save economy and self respect of nation.
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Jun 13, 2019 04:34pm
soon 1 dollar is equal to more then 300 rupees.
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Jun 13, 2019 04:39pm
Don't worry. Once CPEC is completed, Pakistan Rupee will be equal to 1000s of USD. Pakistan will just buy USA.
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Jun 13, 2019 04:55pm
Imran Khan zindabad, Naya Pakistan zindabad.
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Jun 13, 2019 05:33pm
Everything going as per script
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Jun 13, 2019 06:54pm
Modi has completed many good projects, taken many bold decisions that are showing dividends now. The numbers speak for themselves. Hence we can boast of Modi. Tell me Pakistanis, what has Imran Khan brought for Pakistan, apart from disaster and a looming Economic collapse followed probably by civil war - for you to consider him as a statesman? This is height of ignorance.
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Jun 13, 2019 07:19pm
MNCs are taking out their profits outside mean they don’t have trust in IK government policies to reinvest that money in Pakistan.
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Jun 13, 2019 08:05pm
Way to go! 200 is not that far. Have to aim high. Once we hit 200 our exports will zoom to new high and imports will crash. Billions of dollars of trade surplus.
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Jun 13, 2019 08:07pm
How about having a Naya Rupee in Naya Pakistan? One Naya Rupee = Ten Old Rupees. $1 = 15 Naya Rupees!
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Jun 13, 2019 08:35pm
Opposition parties with loads of looted wealth should stop playing politic with dollar. As it is they have done enough damage to the economy in order to protect their corruption.
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Jun 13, 2019 08:38pm
@Ali Hussain , "Exchange rate is not an indication of economic strength. You can have strong economy with a very high exchange rate and vice versa."
Now tell us the story about your current economy strength.
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Jun 13, 2019 08:53pm
with 3.2% growth rate in PKR term and 15% devaluation of PKR, your economy is actually shrinking...
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Jun 14, 2019 08:38am
@Kunal, no it will be settle down to 155 to 160 IK is not telling but Pakistan has devalued its currency by 7% your inflation for this year will be 15.5%approx and growth will be 1.8 to 2% there will be alot of suffering if Iran and India did not helped, china and your leader from past to current government is responsible for this, biggest role your media played they got lot of amount from china have you seen any of your media houses ever questioned interest rate of investment though we have example of sri Lanka's port !!
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Jun 14, 2019 09:08am
5 rupees drop and then 1 rupees gain until it hit 200 rupees a dollar. IMF order must carried out. Keep buying foreign made and give local Contracts to foreign companies in dollars. People and government both are in it to blame. Foreignity ka keera
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