The US Dollar rose Rs7.2 to hit Rs164 in interbank trade on Wednesday at the close of the day's trading.
The greenback is being traded at Rs163 in the open market ─ an increase of at least Rs6.
Similarly, a massive increase in the value of gold has also been witnessed during this week, with the yellow metal trading at Rs80,500 per 12 grams today.
In the past two months, since Pakistan signed a deal with the International Monetary Fund (IMF), the dollar has been on a consistent upward climb.
Last week, State Bank of Pakistan Governor Reza Baqir had provided assurances that the central bank was ready to intervene in the market in case of excess volatility. Baqir explained that the government had adopted a market-based exchange rate instead of a free float or fixed exchange rate, as neither were appropriate at this time.
Read more: Forex market: SBP keeping a close eye, will intervene in case of excess volatility, governor says
"In the market-based system, you consider supply and demand factors, what side they are pulling the exchange rate, and you don't suppress them. And this is fundamental ─ we keep a close eye on the market, and if there is excessive volatility [...] or special pressures, the SBP intervenes. And we will continue to do so to make sure that there isn't excessive volatility or 'disorderly market conditions', as economists say," Baqir had said.
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Comments (176) Closed
I sold for 172 months before. If only I had it all, people are ready to pay upto 185. Best time to hold onto dollar tight as it will touch 200. Don’t sell it now. This is good for economy as people can buy a lot of things and will get more money from the dollar.
zindabad naya pakistan, how can one sign the so called charter of economy with the team who cannot control the dollar and mincing the common people
Uncontrolled dollar uncontrolled inflation as mafias are free in this government... Tabdeeli zindabaad
PTI is going to fail due to economy and the entire process of accountability will derail.
Collapse into a dark deep hole of no return
How the businesses will work? When the dollar rate is so volatile?
@Analyst, Who cares about ARTIFICIAL accountability, if Maryum can fix the damage of PTI in next tenure.
Will it stop somewhere? Before December 2019, it seems to hit double century. Naya Pakistan should adopt dollar or renminbi as its new currency immediately. Lucky that inflation has not gone up to uncontrollable level.
Rs. 250 is the natural price according to large speculators.
1 GBP = Rs 202.40
Interbank rate is 162. I wonder how high the street rate is?
@Analyst, but NAB will still go on and keeping NABbing the NABbers. Pakistani government is more concerned about the opponents who according to them robbed billions and putting them in jail that billions are being drained thanks to inaction. When will this government actually do some actual work to improve economy and governance? It’s been a year almost now that they’ve been on power.
The way this PTI government is going, Pakistan will become bankrupt. Maybe that is the "tabdeeli" that PM was talking about. Most useless government in the history of Pakistan.
Devaluation of rupees means decrease of gdp. Welcome to naya Pakistan
This will worsen Pakistan's already bad inflation and increase your "ghurbat".
Responsibility for this belongs to your feudals / wealthy elite / ashraf, who seem to be completely unconcerned with suffering of the ordinary people. I have heard these people have thousands of kanal zameen, wear 10000$ Italian "Guchi" shoes, and drive multi-crore value Mercedes cars.
As an aam Hindustani I feel sorry for Pakistani awam, and wish you relief from your trouble.
So get ready for increase in prices+taxes
Now please increase gas petrol electricity and GST price further by 5000% and find logic for it later
international prices of Crude are also up.
To compensate for this double whammy, petrol prices should increase by at least 10 rs
since this PTI's government took on, we witnessed them delivering what is reported above. where are they taking us? we need to think the unthinkable. time has not run out yet. good luck my countrymen.
Expats getting richer with the strengthening dollar .
Other than converting all their rupees in "bitcoins" Pakistani people have no hope for financial independence.
Higher fiscal deficit means more borrowing from banks leading to more inflation and currency devaluation. Only genuine austerity can control rates.
@Chinpaksaddique, How much more than the declared rate? Did you sell before Eid?
Wish team scores at least 162 runs today against NZ.
You're lucky! China and some other countries are having a hard time trying to keep their currency from appreciating.
Minimize imports. Bring positivity and trust in Pakistani psyche.
The only thing which is not taking a U turn is Dollar price.
What is pti doing??? They need to focus on exports and local manufacturing of everything. Heavy duties on imports and cancel all free trade agreements especially with China
It’s a CURSE for people who voted for naya pakistan and Tabdeeli. It seemed that storm of inflation and devastation of economy is inevitable. i wish people could have voice in such gloomy situation but it’s controlled by powerful corridors.
@Chinpaksaddique, 'Best time to hold onto dollar tight as it will touch 200. Don’t sell it now. '
By your comments in past articles, you sound like a patriot. But your actions of holding onto dollars is ruining Pakistan's economy.
@Aslam 66, Article says open market rate is 159. Which means it's cheaper on the street than between banks. Unless "open market" doesn't really mean open market.
Looks like no control. Hope it stabilizes here. This kind of rise is bad news to the economy, unless it has strong export industry.
@Chinpaksaddique, indian troll
Please bring back DAR. He knows how to keep dollar at 102.
because of these mafias (tobacco, media, politicians, juria bazar & akbari mandi) rest of us (mainly salaried class) has to suffer
Great job ..... rapid fall of Rupee is an indication of government loosing control....military rule coming soon....
Seriously I'm glad that I live in the USA. I just earned over 3 corer on my property transaction simply because I'd to arrange to send a large amount to Pakistan and the rupee went down. I had finalized the deal and the token was given.
@Chinpaksaddique, we know very well who you are.
@Jehengir khan, agreed and wish for the same , please don't delay any more ,before it get too late ,,,please boots march
@Umair, who ?
Who is trying to destabilise the rupee Easy to find out. In the UK you have to show ID card before you buy foreign currency.
@Chinpaksaddique, What happened to you. Many of us were thinking that you were a PMIK fan. It turns out that at least one fan is a dollar hoarder.
The way Pakistanis are hording dollars under their mattresses might face the US government to print more dollars!
I wonder how those who hold dollars will benefit. Eventually they will have to change back to rupees to buy services and products which all would have increase in price.
When the country is wide open to Chinese imports, local manufacturing cannot compete. Every problem faced by Pakistan is self made. Nobody else to blame.
@Jehengir khan, Without money, no military can takeover so no fear for them.
@Analyst, why do you think 'They' are letting dollar run free because once the government fails or there is chaos they will come in and take charge and once again be the savior. Pakistan army Zindabad.
Establishment can not run away from their responsibility of demolishing well set Pakistani economy (5.8% growth rate, 16 billion reserves and future growth rate predict to 6.2%) by bringing "Tuglak" to power.
@Chinpaksaddique “This is good for economy as people can buy a lot of things and will get more money from the dollar“
That doesn’t make any sense whatsoever. Every consumer item in Pakistan just became 10% more expensive than it was last week. The loans borrowed by IMF, WB, ADB, China, Saudi etc & their interest payments also increased by 10%. How in the world is that good for the economy?
Pakistan needs a leader with brain.
I think we should now forget the recovery of Pakistani currency in our life time. Thanks to the recent past and today's governments.
Reaping what the previous govts had sown.
@Chinpaksaddique, all your points need explanation...who can buy a lot of things.... ordinary people who are having the same income irrespective of market value of Rupee OR those who are hoarding dollars
People who have money, go for gold. Don't stash your hard cash in your house.
Expats should not send dollar now, instead wait till the dollar goes to 200. By that, their family can earn good money
But PMIK is very handsome.
Sinking ship
IMF is ruling Pakistan through puppets
@Waqar Khan, Congratulations
How can open market be less than interbank?
Ghabrana naheen ha. Enjoy the tabdili.
Pakistan must introduce POSITIVITY as a subject in their primary school curriculum ASAP.
Discourage imports by taxes or other measures, this will reduce the demand of dollar in the market, consequently, its artificial shortage will end and the dollar will fall.
Right time to buy dollars and sell after 1 year , minimum 10% revenue assured.
Very disappointing performance of PTI . Pakistan economy actual problem is poor exports. Increasing TAX base is not going to help as revenue collection is in PAK Rupees and we need dollars. PTI and Imran Khan have no idea about fixing economy and improving exports.
This has to stop, the debt servicing charges to creditors including the IMF will reach impossible figures.
If PTI government could control the prices of basic necessities, no one would care about the value of USD
And the Rupee drop continues unabated; 162 Rupees to a dollar. Is there no bottom for the Rupee?
The day before yesterday’s injection of $3 billion by Qatar would likely strengthened the current account deficit and, therefore, should have improved the currency. Instead, the Rupee falls!
What is going on? Do the international exchange markets not believe in PTI economic plans? Why not? Or does the continuing Rupee fall only reflects agreement with the IMF? Hello PTI, what are you up to?
What a move by Rupee. Well-done IK
I hope all understand that it is not USD rising but it is PAK RS falling down the drain sharply.
@Dare2liv , great comment. How can any nation be so ignorant as to signing a free trade agreement with China?!
For a country living beyond it's means for decades it will be very difficult to control this slide. The popular funda of increase in exports due to devaluation of rupees will not work in case of Pakistan due to changed geo political environment in the region and beyond. By October Pakistan will be facing serious problems with it's economy and will have massive unrest from the population.
@Sarfraz, hope that the day arrives soon when people stop blaming previous governments. Time to be matured and understand that one year is enough to take control of situation if people are competent.
in layman's term, pakistan debt keeps growing by the hour......it has already spiked 20~25% just by devaluation of the currency......loans are just like a cherry on the cake.......government has to pay back in dollars.......this captain needs some serious new team building.
Thanks to its geography, Pakistan is being exploited and squeezed from all directions. A few Pakistani fat cats are getting fatter, most of the others are caught between a rock and a hard place.
This is the NAYA Pakistan!!
Mr. Imran Khan is making more millionaires in Pakistan in last 8 months than all other PMs combined.
@Chinpaksaddique, you are the first one to say that rising dollar is good for economy.. Which Maths!!!
Population has grown too big for the land and Chinese imports are destroying a lot of local economy and causing horrendous trade deficits.
Even the PPP or PML cant do anything now.
@Sarfraz, yup, how long this lollipop of blaming previous governments will sell? People, even fanboys will soon realize that it’s not the previous government’s that their cult leader is brainless!
Where is Chartered Accountant; Ishaq Dar, the former Finance Minister of the Islamic Republic of Pakistan? Keeping politics apart and purely for the sake of the country, please bring him back since he is one of the few professional experts in finance, who can not only stem the dangerous and persistent rising trend of US dollar's value against PK Ruppee but also bring it down to its last year Forex rate of 100.
Is the dollar strong or is the rupee weak?
@tahir, ...... Yes. The team cannot control the dollar because they control the rupee, not the dollar.
Down with this third class govt. I prefer a military coup.
congratulation to Zardari and Shareef their foreign assets made from corruption will increase many fold and poor and middle class will suffer more
@Analyst, ...... PTI is going to fail due to economy and the entire process of accountability will derail, the PPP. PTI and PML-N will all argue whose fault it is and Pakistan will be in a hell.
@Mansur Ul Haque, ..... Ask Venezuela how that works. There is still not enough hard currency in loans and foreign exchange to make the rupee strong enough.
@ABCD, .... Adopt a new currency? Hardly possible, but printing fewer rupees is an excellent idea.
And the Rupee drop continues unabated; 162 Rupees to a dollar. Is there no bottom for the Rupee?
The day before yesterday’s injection of $3 billion by Qatar would likely strengthened the current account deficit and, therefore, should have improved the currency. Instead, the Rupee falls!
What is going on? Do the international exchange markets not believe in Pak economic plans? Why not? Or does the continuing Rupee fall only reflects agreement with the IMF?
@Newborn, .... Of course they would tell people that.
It will be soon 200.
@Zakir Ali Afghani, ..... Our local merchants must now squeeze more rupees out of us.
@Vivek17, ---- You heard right.
Tabdeeli ya tabaahi?
@Zakir Ali Afghani, .... The last thing the people of Pakistan wish to do is sacrifice for Pakistan.
Not to worry since defence budget is up 20 Percent n Bajoo, the economist from Harvard is in economic transformation team..... tabdeeli happening soon!!
@Ash Man , .... When the country must pay its bills with more rupees we must print more rupees lowering the value of the rupee. It is a vicious circle.
Thanks Imran Khan !
@Manoj, ..... We must recognize first the world does not owe us a living.
@topbrass, .... and Gold.
It has nothing to do with PTI or PMLn or PPI It has to do with how our manufacturing sector built overtime on faulty lines. The manufacturing sector not competitive and cannot take advantage of devalued rupee based on market fundamentals. But do not worry, your imports will decline automatically and that will reduce import export deficit. Thanks to economic fundamentals and not to policy makers.
@Dare2liv , .... Local manufacturing of everything!!! Retooling machine tools we do not have in the first place. Getting foreigners to invest in Pakistan while the elite have their money in foreign stock markets investing in foreign companies profits. Yes we can go on making all our products with hammers and chisels. We can begin by creating a television industry selling televisions to Japan, China and South Korea. They are not "Westerners". How did they build their industries?
@Dr. Salaria, Aamir Ahmad, his money must be in dollars so every time rupee falls he has to count how much he has in rupee now. He is busy counting
Next stop is 175 then 200.
@Sarfraz, -- or we have been living in a dream world of easy credit.
Up and away.Wow.
When the Government has diagnosed that the entire problem with the economy is MNS and Zardari, then the treatment would be accordingly. Who cares what is the real problem with the economy.
SBP will only intervene when in interbank exchange USD crosses PKR 180. This value had already been decided and budget planned accordingly. Next year PKR will be allowed to cross 200 before intervention around 220..GDP forecasted at 2℅ though public informed 3.5℅. Inflation to be between 12 to 15℅.This is the tabdili of Naya Pakistan under selected IK
By the time pak finished bowling 50 overs, the players wealth declined by 2%.
Govt target is to take it to 200
@Ahmad, It is not a matter of celebration.
@tahir, total economic and fiscal chaos.
@Mansur Ul Haque, trade exports from Pakistan will become extra cheap so maybe people abroad will buy our goods- but in return we will have to drastically cut all foreign imports except for basic necessities like oil and petroleum products . That's the only way to survive at this time and in this scenario.
When will Imran khan understand that not controlling dollar rate will infinitely increase our foreign debts to a point of bankruptcy. Revenue is at downfall but debts increasing, reason dollar. Public depression at peak
This is the time change dollar to gold to get quick benefit.
@Dr. Salaria, Aamir Ahmad: Did Dar run away with the magic wand?
Rupee fall; that’s why I always admire imran. He can get me better price for my dollars. Nayab naya Pakistan
The most affected will be middle class who send their sons and daughter for higher study abroad..
@Vikas, That is planned for their next term.
@usman786, you don't realize that your forces are sucking your economy out
@Tamir, how can it intervene ? It has only $ 8 bn, in reserves, and intervening would mean to sell dollars and buying PKR from the interbank/open markets.
Something going up in Imran Khan's Naya Pakistan - in addition to Inflation.
Enough imports. SBP must ask all schedule banks not to open L/Cs of listed non essential items, untill further notice, while all commercial importers be asked to curtail unnecessary imports.
welcome to Naya pakistan
What happened to SBP governor promises? another U turn?
Dealers are expecting to touch it 170 by June end. They are also saying that IMF deal may be a bit ha see now as they may impose harsh conditions at the last moment as well.
The more hands it will change more profit will be earned by the banks and middlemen. The ultimate loser will be the end user and no one else.
The devaluation happening at such a pace will only add to the higher debt burden. Expecting that devalued currency will boast the exports is flawed assumption. The basic needs of our population is fulfilled by imports so if imports are expensive and Oil hits the roof we basically have to look for another bailout while being with IMF bailout. Since we have had FTA with China it makes it even more difficult for our companies to compete within Pakistan let alone them competing in other countries.
Its good time for export industry.
@Syed A. Mateen, that is quite interesting analysis and speculation. Could be true.
will it touch 200?
Now where are those people who were saying pti will bring change. They dont have expertise to run the country. They are blaming every thing on the previous govt.
is this neya pakistam
@Ali khan, sahib, got you. In one year you expect PTI to do miracles. To see that happening you have to go back in times. Work hard and be honest - that is the answer.
Enjoy Tabdili---Imran Khan -Stay for 5 years, USD will Trade at 1000 PKR
Hold your dollars please. Ideal rate is between 225-230. Rupee will touch that level in next 6 months.
@Irfan, Government expenses, social services, pension payments etc can be done using the tax income in rupees rather than convert loaned dollars into rupees for this expense.
Good!! At this rate, Pakistan's GDP has now reached $225 billion.
Somebody is playing. Be aware of the fellow with in you.
It looks we are in Samalia.
@tahir, Please don't be ignorant. This is NOT doing of the current government rather past failures of PMLQ, PMLN, and PPPP. I know you will counter by saying there are many members of the current government from PMLQ & PPPP. Beside Hafeez Sheikh, not much the other could have done for the economy. As far as Hafeez goes, he wanted the same policies in past but PPPP rulers didn't follow as it would have impacted their seats or checkbooks.
Reza Baqir I wonder how you define volatility in market....it rose PKR 6 in one day.....State Bank should intervene and bring the price to PKR 140 Max
The Free trade agreement with China was a disaster. Pakistan doesn't have anything to export and competing against Chinese imports without tariffs was a suicide. Next, the amount of chinese debt accumulated cannot be paid without any harsh decision.
Don't hold your breath................Aage Aage Dekhiey Hota hai Qya.
Just make it 200 and get over it. No one should speculate. Unlike old thieves now We have Imran Khan He will take care of the rest with his honesty and integrity
The constant drop in the value of Rupee against Dollars should not be a surprise to any one. With the country's economy in the basement and no concrete steps being taken to pull it out of there except speeches and hot air, exports decliing, cheaper rupee making imports costlier, no investments except a lot of MOUs that mean nothing except gives politicians a chance to blow hot air, economic policy held hostage to political revenge first, no one in charge, no experts - what else would you expect?
All Central Banks intervene to keep their currency rates steady. The previous minister did the right thing, what was spent on the interventions more than made up for what was lost by letting the PKR slide aimlessly. Billions mor
PTI government has fixed the target of 500 in its full five year term, be patient as main fall will come in the last two years. This government will not only score fast but will also double Pakistan's debt in five years. All of it can be blamed on Nawaz and Zardari having been corrupt, of course everyone should believe it.
It looks like that mighty dollar has acquired IK habit of oft repeated shout, "kisi ko naheen choron ga". Dollar is soaring like an eagle over money changers, shouting, "Rupee ko naheen choron ga" as if poor rupee is a chipmunk.
@Ali khan, PTI is bringing changes. Whether they are good or bad, remains to be seen.
Who says the salaries of government employees are increasing. See the loss of the new rate from the dollar Actually, the salary of 50000 increase 5000: 55000, $ 362 = 50000/138 339 $ = 55000/162 Loss: 22 dollars mean 3600 rupees.
@Ijaz, the USA dollar is not rising against the world currencies.it is the pakistani rupee which is in doldrums.the decling rupee will not help pakistani exports because your exports are not competitive. The zero tariff FTA with China has crippled pakistani exports plus it makes little sense to buy Chinese goods and maybe export it from Pakistan. Imports will fall which is market dynamics not PTI. But then this is not even a solution.
The strong dollar increases our loan and hurts trade.
This looks like an uncontrolled spiral. Perhaps SBP should look at some currency swap arrangement with iron brother to stem this slide. Otherwise triple digit inflation is on the way in a few months.
How much has the PKR lost since the new Governor took over? If it is being allowed to slide to increase exports that is not happening, they are down from the previous year. If its market supply and demand level is being probed it is already the lowest in the region.Will somebody please inform those who are not so knowledgeable about such matters what is going on .
It is said that they will intervene if there is excessive volatility. From 125 to 164 in less than a year is not considered excessive. It is colossal. The reasons behind this downfall need to be investigated. Lack of confidence is one of the main reasons. If the factors leading to this slide cannot be controlled, then the float must be stopped before a runaway situation occurs.
People can say whatever they want. I love Pakistan and PMIK. There is nothing wrong in trying to improve financially. Indian trolls can mind their own business
Corrupt short sighted past government's seeking only relelection to plunder more are 100% responsible for the slide on the dollar rate. The market is now controlling the true rate and we will reach it soon. If you believe PTI and it's polices has the power to truly move the dollar rate from 142 to 170 during just one year you are delusional. They're exposing the truth of what has been going on, trying to find the bottom i.e. the true exchange rate. They will then improve from there. Buckle up.
And Mr.Imran Khan is not the least moved. He is going to collapse mainly because of two reasons 1) Economic Policy, 2) Sindh / Karachi Policy. He should wake up and save both, if he really wants to see Pakistan shining.
to stop dollar slide cut expenses by half from current level now. You cannot cut debt payment which is approximately 35,to 40 % hence from remaining 60 70 % you needs to cut. in that one sector take 50 to 60 % of that including pension. Except reductions in expenses no simple solution that alao now else that solution will not be there in few months.
@Nomi, it’s a curse for the 10 years of voting in looters who artificially kept the economy afloat.. reality now kicking in.. better to bite the bullet now
Thus,currupts are playing games with the dollars,the FM, take a notice,who are these people's, they needs to exposed,they are answerable to public. No,more pmln,PPP, money hungry ,inside traders! Your game will be over soon!
@Chinpaksaddique, Sir how it would be good for an economy that owes billions of dollars to world govts and agencies. Govt has to pay much more
@Tamir, intervention means buying and selling dollars to stabilize local currency. Right now government neither has dollars nor cash in rupees to do either!!! So this is the end result. Average person on street doesn't understand this, so they simply believe in officials.
If the economy grows as fast as the currency is growing(33 ppa), Pakistan's GDP would cross India's current GDP in 8 years and China's current GDP in 13 years
1indian rupee = 2.32 pkr :(
Dolar is a strong currency and for people who don’t understand a lot of people’s family here work abroad. Nothing wrong in keeping dollar. More dolar inside the country means a much stronger economy. I love PMIK and this was all forseen by PMIK. Anyone with a basic understanding of economics will know the picture here. Economy is stronger than before as purchasing power is more. Most loans will be wiped off. More dolar inside the country cannot be a bad thing.
@Syed Hussain Akbari, "He is going to collapse mainly because of two reasons 1) Economic Policy, 2) Sindh / Karachi Policy." Actually it is the same. You cannot have stable economy when you have leased Karachi out to waderas and mafias.
Bad news for Pakistan.
Will this irrational decline ever stop. Foreign Exchange dealers are minting money at the expense of the poor.
People need to understand that this is all properly thought and planned by the government. Trust in PMIK. A very smart economy professor I contact said that this is done by many countries to try and increase foreign investment. By lowering the value of our currency we bring in more money. So please don’t listen to people who moan and to neighbours jealous people.
@Chinpaksaddique, So acc to you this is planned to bring foreign investment.Why would someone choose a country with unstable political environment, messy bureaucracy, high unskilled labour to put their investment over vietnam,philippines,taiwan( all these current t favourite destination for FDI)?
Dollar up... Even not ready to admit Pak rupee weaken.. Eago.....
Bad news for Pakistan. Imported goods with skyrocket in price.
No shame for the govt., unfortunately !!
@Zak, ya great previously billionaires are now millioners.
@Chinpaksaddique, - You do not have any understanding of the economy.
If Pakistani Rupee has become weak by 33% means, Pakistan has to pay so much more.
Pakistan has lot of loan payments starting from this year. CPEC payments will also start in a year or two.
Comments (176) Closed
I sold for 172 months before. If only I had it all, people are ready to pay upto 185. Best time to hold onto dollar tight as it will touch 200. Don’t sell it now. This is good for economy as people can buy a lot of things and will get more money from the dollar.
zindabad naya pakistan, how can one sign the so called charter of economy with the team who cannot control the dollar and mincing the common people
Uncontrolled dollar uncontrolled inflation as mafias are free in this government... Tabdeeli zindabaad
PTI is going to fail due to economy and the entire process of accountability will derail.
Collapse into a dark deep hole of no return
How the businesses will work? When the dollar rate is so volatile?
@Analyst, Who cares about ARTIFICIAL accountability, if Maryum can fix the damage of PTI in next tenure.
Will it stop somewhere? Before December 2019, it seems to hit double century. Naya Pakistan should adopt dollar or renminbi as its new currency immediately. Lucky that inflation has not gone up to uncontrollable level.
Rs. 250 is the natural price according to large speculators.
1 GBP = Rs 202.40
Interbank rate is 162. I wonder how high the street rate is?
@Analyst, but NAB will still go on and keeping NABbing the NABbers. Pakistani government is more concerned about the opponents who according to them robbed billions and putting them in jail that billions are being drained thanks to inaction. When will this government actually do some actual work to improve economy and governance? It’s been a year almost now that they’ve been on power.
The way this PTI government is going, Pakistan will become bankrupt. Maybe that is the "tabdeeli" that PM was talking about. Most useless government in the history of Pakistan.
Devaluation of rupees means decrease of gdp. Welcome to naya Pakistan
This will worsen Pakistan's already bad inflation and increase your "ghurbat".
Responsibility for this belongs to your feudals / wealthy elite / ashraf, who seem to be completely unconcerned with suffering of the ordinary people. I have heard these people have thousands of kanal zameen, wear 10000$ Italian "Guchi" shoes, and drive multi-crore value Mercedes cars.
As an aam Hindustani I feel sorry for Pakistani awam, and wish you relief from your trouble.
So get ready for increase in prices+taxes
Now please increase gas petrol electricity and GST price further by 5000% and find logic for it later
international prices of Crude are also up.
To compensate for this double whammy, petrol prices should increase by at least 10 rs
since this PTI's government took on, we witnessed them delivering what is reported above. where are they taking us? we need to think the unthinkable. time has not run out yet. good luck my countrymen.
Expats getting richer with the strengthening dollar .
Other than converting all their rupees in "bitcoins" Pakistani people have no hope for financial independence.
Higher fiscal deficit means more borrowing from banks leading to more inflation and currency devaluation. Only genuine austerity can control rates.
@Chinpaksaddique, How much more than the declared rate? Did you sell before Eid?
Wish team scores at least 162 runs today against NZ.
You're lucky! China and some other countries are having a hard time trying to keep their currency from appreciating.
Minimize imports. Bring positivity and trust in Pakistani psyche.
The only thing which is not taking a U turn is Dollar price.
What is pti doing??? They need to focus on exports and local manufacturing of everything. Heavy duties on imports and cancel all free trade agreements especially with China
It’s a CURSE for people who voted for naya pakistan and Tabdeeli. It seemed that storm of inflation and devastation of economy is inevitable. i wish people could have voice in such gloomy situation but it’s controlled by powerful corridors.
@Chinpaksaddique, 'Best time to hold onto dollar tight as it will touch 200. Don’t sell it now. '
By your comments in past articles, you sound like a patriot. But your actions of holding onto dollars is ruining Pakistan's economy.
@Aslam 66, Article says open market rate is 159. Which means it's cheaper on the street than between banks. Unless "open market" doesn't really mean open market.
Looks like no control. Hope it stabilizes here. This kind of rise is bad news to the economy, unless it has strong export industry.
@Chinpaksaddique, indian troll
Please bring back DAR. He knows how to keep dollar at 102.
because of these mafias (tobacco, media, politicians, juria bazar & akbari mandi) rest of us (mainly salaried class) has to suffer
Great job ..... rapid fall of Rupee is an indication of government loosing control....military rule coming soon....
Seriously I'm glad that I live in the USA. I just earned over 3 corer on my property transaction simply because I'd to arrange to send a large amount to Pakistan and the rupee went down. I had finalized the deal and the token was given.
@Chinpaksaddique, we know very well who you are.
@Jehengir khan, agreed and wish for the same , please don't delay any more ,before it get too late ,,,please boots march
@Umair, who ?
Who is trying to destabilise the rupee Easy to find out. In the UK you have to show ID card before you buy foreign currency.
@Chinpaksaddique, What happened to you. Many of us were thinking that you were a PMIK fan. It turns out that at least one fan is a dollar hoarder.
The way Pakistanis are hording dollars under their mattresses might face the US government to print more dollars!
I wonder how those who hold dollars will benefit. Eventually they will have to change back to rupees to buy services and products which all would have increase in price.
When the country is wide open to Chinese imports, local manufacturing cannot compete. Every problem faced by Pakistan is self made. Nobody else to blame.
@Jehengir khan, Without money, no military can takeover so no fear for them.
@Analyst, why do you think 'They' are letting dollar run free because once the government fails or there is chaos they will come in and take charge and once again be the savior. Pakistan army Zindabad.
Establishment can not run away from their responsibility of demolishing well set Pakistani economy (5.8% growth rate, 16 billion reserves and future growth rate predict to 6.2%) by bringing "Tuglak" to power.
@Chinpaksaddique “This is good for economy as people can buy a lot of things and will get more money from the dollar“
That doesn’t make any sense whatsoever. Every consumer item in Pakistan just became 10% more expensive than it was last week. The loans borrowed by IMF, WB, ADB, China, Saudi etc & their interest payments also increased by 10%. How in the world is that good for the economy?
Pakistan needs a leader with brain.
I think we should now forget the recovery of Pakistani currency in our life time. Thanks to the recent past and today's governments.
Reaping what the previous govts had sown.
@Chinpaksaddique, all your points need explanation...who can buy a lot of things.... ordinary people who are having the same income irrespective of market value of Rupee OR those who are hoarding dollars
People who have money, go for gold. Don't stash your hard cash in your house.
Expats should not send dollar now, instead wait till the dollar goes to 200. By that, their family can earn good money
But PMIK is very handsome.
Sinking ship
IMF is ruling Pakistan through puppets
@Waqar Khan, Congratulations
How can open market be less than interbank?
Ghabrana naheen ha. Enjoy the tabdili.
Pakistan must introduce POSITIVITY as a subject in their primary school curriculum ASAP.
Discourage imports by taxes or other measures, this will reduce the demand of dollar in the market, consequently, its artificial shortage will end and the dollar will fall.
Right time to buy dollars and sell after 1 year , minimum 10% revenue assured.
Very disappointing performance of PTI . Pakistan economy actual problem is poor exports. Increasing TAX base is not going to help as revenue collection is in PAK Rupees and we need dollars. PTI and Imran Khan have no idea about fixing economy and improving exports.
This has to stop, the debt servicing charges to creditors including the IMF will reach impossible figures.
If PTI government could control the prices of basic necessities, no one would care about the value of USD
And the Rupee drop continues unabated; 162 Rupees to a dollar. Is there no bottom for the Rupee? The day before yesterday’s injection of $3 billion by Qatar would likely strengthened the current account deficit and, therefore, should have improved the currency. Instead, the Rupee falls!
What is going on? Do the international exchange markets not believe in PTI economic plans? Why not? Or does the continuing Rupee fall only reflects agreement with the IMF? Hello PTI, what are you up to?
What a move by Rupee. Well-done IK
I hope all understand that it is not USD rising but it is PAK RS falling down the drain sharply.
@Dare2liv , great comment. How can any nation be so ignorant as to signing a free trade agreement with China?!
For a country living beyond it's means for decades it will be very difficult to control this slide. The popular funda of increase in exports due to devaluation of rupees will not work in case of Pakistan due to changed geo political environment in the region and beyond. By October Pakistan will be facing serious problems with it's economy and will have massive unrest from the population.
@Sarfraz, hope that the day arrives soon when people stop blaming previous governments. Time to be matured and understand that one year is enough to take control of situation if people are competent.
in layman's term, pakistan debt keeps growing by the hour......it has already spiked 20~25% just by devaluation of the currency......loans are just like a cherry on the cake.......government has to pay back in dollars.......this captain needs some serious new team building.
Thanks to its geography, Pakistan is being exploited and squeezed from all directions. A few Pakistani fat cats are getting fatter, most of the others are caught between a rock and a hard place.
This is the NAYA Pakistan!!
Mr. Imran Khan is making more millionaires in Pakistan in last 8 months than all other PMs combined.
@Chinpaksaddique, you are the first one to say that rising dollar is good for economy.. Which Maths!!!
Population has grown too big for the land and Chinese imports are destroying a lot of local economy and causing horrendous trade deficits.
Even the PPP or PML cant do anything now.
@Sarfraz, yup, how long this lollipop of blaming previous governments will sell? People, even fanboys will soon realize that it’s not the previous government’s that their cult leader is brainless!
Where is Chartered Accountant; Ishaq Dar, the former Finance Minister of the Islamic Republic of Pakistan? Keeping politics apart and purely for the sake of the country, please bring him back since he is one of the few professional experts in finance, who can not only stem the dangerous and persistent rising trend of US dollar's value against PK Ruppee but also bring it down to its last year Forex rate of 100.
Is the dollar strong or is the rupee weak?
@tahir, ...... Yes. The team cannot control the dollar because they control the rupee, not the dollar.
Down with this third class govt. I prefer a military coup.
congratulation to Zardari and Shareef their foreign assets made from corruption will increase many fold and poor and middle class will suffer more
@Analyst, ...... PTI is going to fail due to economy and the entire process of accountability will derail, the PPP. PTI and PML-N will all argue whose fault it is and Pakistan will be in a hell.
@Mansur Ul Haque, ..... Ask Venezuela how that works. There is still not enough hard currency in loans and foreign exchange to make the rupee strong enough.
@ABCD, .... Adopt a new currency? Hardly possible, but printing fewer rupees is an excellent idea.
And the Rupee drop continues unabated; 162 Rupees to a dollar. Is there no bottom for the Rupee? The day before yesterday’s injection of $3 billion by Qatar would likely strengthened the current account deficit and, therefore, should have improved the currency. Instead, the Rupee falls!
What is going on? Do the international exchange markets not believe in Pak economic plans? Why not? Or does the continuing Rupee fall only reflects agreement with the IMF?
@Newborn, .... Of course they would tell people that.
It will be soon 200.
@Zakir Ali Afghani, ..... Our local merchants must now squeeze more rupees out of us.
@Vivek17, ---- You heard right.
Tabdeeli ya tabaahi?
@Zakir Ali Afghani, .... The last thing the people of Pakistan wish to do is sacrifice for Pakistan.
Not to worry since defence budget is up 20 Percent n Bajoo, the economist from Harvard is in economic transformation team..... tabdeeli happening soon!!
@Ash Man , .... When the country must pay its bills with more rupees we must print more rupees lowering the value of the rupee. It is a vicious circle.
Thanks Imran Khan !
@Manoj, ..... We must recognize first the world does not owe us a living.
@topbrass, .... and Gold.
It has nothing to do with PTI or PMLn or PPI It has to do with how our manufacturing sector built overtime on faulty lines. The manufacturing sector not competitive and cannot take advantage of devalued rupee based on market fundamentals. But do not worry, your imports will decline automatically and that will reduce import export deficit. Thanks to economic fundamentals and not to policy makers.
@Dare2liv , .... Local manufacturing of everything!!! Retooling machine tools we do not have in the first place. Getting foreigners to invest in Pakistan while the elite have their money in foreign stock markets investing in foreign companies profits. Yes we can go on making all our products with hammers and chisels. We can begin by creating a television industry selling televisions to Japan, China and South Korea. They are not "Westerners". How did they build their industries?
@Dr. Salaria, Aamir Ahmad, his money must be in dollars so every time rupee falls he has to count how much he has in rupee now. He is busy counting
Next stop is 175 then 200.
@Sarfraz, -- or we have been living in a dream world of easy credit.
Up and away.Wow.
When the Government has diagnosed that the entire problem with the economy is MNS and Zardari, then the treatment would be accordingly. Who cares what is the real problem with the economy.
SBP will only intervene when in interbank exchange USD crosses PKR 180. This value had already been decided and budget planned accordingly. Next year PKR will be allowed to cross 200 before intervention around 220..GDP forecasted at 2℅ though public informed 3.5℅. Inflation to be between 12 to 15℅.This is the tabdili of Naya Pakistan under selected IK
By the time pak finished bowling 50 overs, the players wealth declined by 2%.
Govt target is to take it to 200
@Ahmad, It is not a matter of celebration.
@tahir, total economic and fiscal chaos.
@Mansur Ul Haque, trade exports from Pakistan will become extra cheap so maybe people abroad will buy our goods- but in return we will have to drastically cut all foreign imports except for basic necessities like oil and petroleum products . That's the only way to survive at this time and in this scenario.
When will Imran khan understand that not controlling dollar rate will infinitely increase our foreign debts to a point of bankruptcy. Revenue is at downfall but debts increasing, reason dollar. Public depression at peak
This is the time change dollar to gold to get quick benefit.
@Dr. Salaria, Aamir Ahmad: Did Dar run away with the magic wand?
Rupee fall; that’s why I always admire imran. He can get me better price for my dollars. Nayab naya Pakistan
The most affected will be middle class who send their sons and daughter for higher study abroad..
@Vikas, That is planned for their next term.
@usman786, you don't realize that your forces are sucking your economy out
@Tamir, how can it intervene ? It has only $ 8 bn, in reserves, and intervening would mean to sell dollars and buying PKR from the interbank/open markets.
Something going up in Imran Khan's Naya Pakistan - in addition to Inflation.
Enough imports. SBP must ask all schedule banks not to open L/Cs of listed non essential items, untill further notice, while all commercial importers be asked to curtail unnecessary imports.
welcome to Naya pakistan
What happened to SBP governor promises? another U turn?
Dealers are expecting to touch it 170 by June end. They are also saying that IMF deal may be a bit ha see now as they may impose harsh conditions at the last moment as well.
The more hands it will change more profit will be earned by the banks and middlemen. The ultimate loser will be the end user and no one else.
The devaluation happening at such a pace will only add to the higher debt burden. Expecting that devalued currency will boast the exports is flawed assumption. The basic needs of our population is fulfilled by imports so if imports are expensive and Oil hits the roof we basically have to look for another bailout while being with IMF bailout. Since we have had FTA with China it makes it even more difficult for our companies to compete within Pakistan let alone them competing in other countries.
Its good time for export industry.
@Syed A. Mateen, that is quite interesting analysis and speculation. Could be true.
will it touch 200?
Now where are those people who were saying pti will bring change. They dont have expertise to run the country. They are blaming every thing on the previous govt.
is this neya pakistam
@Ali khan, sahib, got you. In one year you expect PTI to do miracles. To see that happening you have to go back in times. Work hard and be honest - that is the answer.
Enjoy Tabdili---Imran Khan -Stay for 5 years, USD will Trade at 1000 PKR
Hold your dollars please. Ideal rate is between 225-230. Rupee will touch that level in next 6 months.
@Irfan, Government expenses, social services, pension payments etc can be done using the tax income in rupees rather than convert loaned dollars into rupees for this expense.
Good!! At this rate, Pakistan's GDP has now reached $225 billion.
Somebody is playing. Be aware of the fellow with in you.
It looks we are in Samalia.
@tahir, Please don't be ignorant. This is NOT doing of the current government rather past failures of PMLQ, PMLN, and PPPP. I know you will counter by saying there are many members of the current government from PMLQ & PPPP. Beside Hafeez Sheikh, not much the other could have done for the economy. As far as Hafeez goes, he wanted the same policies in past but PPPP rulers didn't follow as it would have impacted their seats or checkbooks.
Reza Baqir I wonder how you define volatility in market....it rose PKR 6 in one day.....State Bank should intervene and bring the price to PKR 140 Max
The Free trade agreement with China was a disaster. Pakistan doesn't have anything to export and competing against Chinese imports without tariffs was a suicide. Next, the amount of chinese debt accumulated cannot be paid without any harsh decision.
Don't hold your breath................Aage Aage Dekhiey Hota hai Qya.
Just make it 200 and get over it. No one should speculate. Unlike old thieves now We have Imran Khan He will take care of the rest with his honesty and integrity
The constant drop in the value of Rupee against Dollars should not be a surprise to any one. With the country's economy in the basement and no concrete steps being taken to pull it out of there except speeches and hot air, exports decliing, cheaper rupee making imports costlier, no investments except a lot of MOUs that mean nothing except gives politicians a chance to blow hot air, economic policy held hostage to political revenge first, no one in charge, no experts - what else would you expect?
All Central Banks intervene to keep their currency rates steady. The previous minister did the right thing, what was spent on the interventions more than made up for what was lost by letting the PKR slide aimlessly. Billions mor
PTI government has fixed the target of 500 in its full five year term, be patient as main fall will come in the last two years. This government will not only score fast but will also double Pakistan's debt in five years. All of it can be blamed on Nawaz and Zardari having been corrupt, of course everyone should believe it.
It looks like that mighty dollar has acquired IK habit of oft repeated shout, "kisi ko naheen choron ga". Dollar is soaring like an eagle over money changers, shouting, "Rupee ko naheen choron ga" as if poor rupee is a chipmunk.
@Ali khan, PTI is bringing changes. Whether they are good or bad, remains to be seen.
Who says the salaries of government employees are increasing. See the loss of the new rate from the dollar Actually, the salary of 50000 increase 5000: 55000, $ 362 = 50000/138 339 $ = 55000/162 Loss: 22 dollars mean 3600 rupees.
@Ijaz, the USA dollar is not rising against the world currencies.it is the pakistani rupee which is in doldrums.the decling rupee will not help pakistani exports because your exports are not competitive. The zero tariff FTA with China has crippled pakistani exports plus it makes little sense to buy Chinese goods and maybe export it from Pakistan. Imports will fall which is market dynamics not PTI. But then this is not even a solution.
The strong dollar increases our loan and hurts trade.
This looks like an uncontrolled spiral. Perhaps SBP should look at some currency swap arrangement with iron brother to stem this slide. Otherwise triple digit inflation is on the way in a few months.
How much has the PKR lost since the new Governor took over? If it is being allowed to slide to increase exports that is not happening, they are down from the previous year. If its market supply and demand level is being probed it is already the lowest in the region.Will somebody please inform those who are not so knowledgeable about such matters what is going on .
It is said that they will intervene if there is excessive volatility. From 125 to 164 in less than a year is not considered excessive. It is colossal. The reasons behind this downfall need to be investigated. Lack of confidence is one of the main reasons. If the factors leading to this slide cannot be controlled, then the float must be stopped before a runaway situation occurs.
People can say whatever they want. I love Pakistan and PMIK. There is nothing wrong in trying to improve financially. Indian trolls can mind their own business
Corrupt short sighted past government's seeking only relelection to plunder more are 100% responsible for the slide on the dollar rate. The market is now controlling the true rate and we will reach it soon. If you believe PTI and it's polices has the power to truly move the dollar rate from 142 to 170 during just one year you are delusional. They're exposing the truth of what has been going on, trying to find the bottom i.e. the true exchange rate. They will then improve from there. Buckle up.
And Mr.Imran Khan is not the least moved. He is going to collapse mainly because of two reasons 1) Economic Policy, 2) Sindh / Karachi Policy. He should wake up and save both, if he really wants to see Pakistan shining.
to stop dollar slide cut expenses by half from current level now. You cannot cut debt payment which is approximately 35,to 40 % hence from remaining 60 70 % you needs to cut. in that one sector take 50 to 60 % of that including pension. Except reductions in expenses no simple solution that alao now else that solution will not be there in few months.
@Nomi, it’s a curse for the 10 years of voting in looters who artificially kept the economy afloat.. reality now kicking in.. better to bite the bullet now
Thus,currupts are playing games with the dollars,the FM, take a notice,who are these people's, they needs to exposed,they are answerable to public. No,more pmln,PPP, money hungry ,inside traders! Your game will be over soon!
@Chinpaksaddique, Sir how it would be good for an economy that owes billions of dollars to world govts and agencies. Govt has to pay much more
@Tamir, intervention means buying and selling dollars to stabilize local currency. Right now government neither has dollars nor cash in rupees to do either!!! So this is the end result. Average person on street doesn't understand this, so they simply believe in officials.
If the economy grows as fast as the currency is growing(33 ppa), Pakistan's GDP would cross India's current GDP in 8 years and China's current GDP in 13 years
1indian rupee = 2.32 pkr :(
Dolar is a strong currency and for people who don’t understand a lot of people’s family here work abroad. Nothing wrong in keeping dollar. More dolar inside the country means a much stronger economy. I love PMIK and this was all forseen by PMIK. Anyone with a basic understanding of economics will know the picture here. Economy is stronger than before as purchasing power is more. Most loans will be wiped off. More dolar inside the country cannot be a bad thing.
@Syed Hussain Akbari, "He is going to collapse mainly because of two reasons 1) Economic Policy, 2) Sindh / Karachi Policy." Actually it is the same. You cannot have stable economy when you have leased Karachi out to waderas and mafias.
Bad news for Pakistan.
Will this irrational decline ever stop. Foreign Exchange dealers are minting money at the expense of the poor.
People need to understand that this is all properly thought and planned by the government. Trust in PMIK. A very smart economy professor I contact said that this is done by many countries to try and increase foreign investment. By lowering the value of our currency we bring in more money. So please don’t listen to people who moan and to neighbours jealous people.
@Chinpaksaddique, So acc to you this is planned to bring foreign investment.Why would someone choose a country with unstable political environment, messy bureaucracy, high unskilled labour to put their investment over vietnam,philippines,taiwan( all these current t favourite destination for FDI)?
Dollar up... Even not ready to admit Pak rupee weaken.. Eago.....
Bad news for Pakistan. Imported goods with skyrocket in price.
No shame for the govt., unfortunately !!
@Zak, ya great previously billionaires are now millioners.
@Chinpaksaddique, - You do not have any understanding of the economy.
If Pakistani Rupee has become weak by 33% means, Pakistan has to pay so much more.
Pakistan has lot of loan payments starting from this year. CPEC payments will also start in a year or two.