Rupee Slips Further to Rs150 In Open Market

Mr. A

MPA (400+ posts)
On Friday, the rupee continued to drop to record lows, after the government took a decision to take a loan from IMF.

The rupee was 3.6 percent on Thursday and closed 146.2 against US dollar in inter-market, dropped further on Friday, selling at Rs149.50 in the interbank market and Rs150 in the open market.

The fall is the result of the IMF's condition for a “market-based exchange rate mechanism, which will see limited intervention by the central bank now,” said Saad Hashmi, chief economist.

While the exact conditions of a final IMF deal are still unknown, which must still be approved by the Fund's board in Washington, said a “market-determined” exchange rate would help the financial sector.

Late on Thursday the SBP issued the statement saying it would help to correct market imbalances and that the sharp decline in the rupee "reflects foreign exchange demand and supply conditions."

While many analysts consider the rupee as being overvalued and say the SBP has wasted billions to defend it. A weaker currency will fuel inflation that is already more than 8 p.c.

The SBP, which is scheduled for its latest interest rate decision to be announced on Monday, said on Thursday that its foreign reserves dropped by $ 138 million in the week ending May 10 to $ 8.846 billion.

https://www.rightdeed.com/blog/754/rupee-slips-further-to-rs150-in-open-market
 

kkppmc

Councller (250+ posts)
What an incompetent bunch of liars this selected government is . Destroy the Pakistan economically. This puppet government is clueleass as well as their master who brought them.
 

islamabadi

Minister (2k+ posts)
Im sure speculators also have homes and cars......they may be able to make a few thousands dollars in profit but they are loosing even more in the value of their homes....
 

Lord Botta

Minister (2k+ posts)
Cocaine Khan is proving to be the worst nightmare for Pakistan. There are very high chances of civil war in Pakistan amid this huge inflation chaos
 

Khan125

Chief Minister (5k+ posts)
Ab to asad umer ko galain b nhi de saktey ........
ab to bari sarkar k technocrat sahab k hath me hey....
DUMMY govt DUMMY PM.
FAKE TABDEELI.
 

Humi

Prime Minister (20k+ posts)
That's odd. We were told that if we got rid of the Qadyani, Allah will make Pakistan the "land of milk and honey."