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Dollar soars to Rs148 a day after PM threatens action

Malik Bostan says it was inevitable after IMF deal

SAMAA | - Posted: May 16, 2019 | Last Updated: 3 years ago
Posted: May 16, 2019 | Last Updated: 3 years ago

The dollar rose to Rs148 in the open market Thursday a day after Prime Minister Imran Khan took notice and told currency exchangers to lower the rate.

It closed at Rs141.39 in the interbank market on Wednesday. On Wednesday, the dollar touched Rs146.25 against the rupee, causing the premier to take notice.

In a message to currency exchange companies, he said action would be taken against people selling dollars at expensive rates. Following his announcement, the dollar dropped to Rs144. However, it went up again Thursday.

The rise comes shortly after Pakistan and the IMF signed a three-year deal for $6 billion on Monday.

Related: Brace for impact as IMF presses for painful reforms

One condition of the programme is having flexible exchange rates. This means the government should not intervene in the foreign currency market and let the forces of demand and supply decide the dollar’s rate against the rupee.

In the previous government, former finance minister Ishaq Dar had artificially inflated the rupee at a time when all currencies pegged against the dollar were depreciating. The dollar has already become 25% more expensive since December 2017, but experts say its rate may increase by another 5% to 10% under the IMF programme. On Monday, the dollar rose to Rs143.5 in the open market on Monday, up Rs1 from the previous day’s tally.

Forex Association of Pakistan President Malik Bostan told Amber Shamsi, the host of SAMAA TV’s programme Sawaal, that what happened to the dollar today was exactly what was being predicted after the deal with IMF.

Since IMF has issued its press release [on the staff-level agreement with Pakistan], investors have taken the IMF conditions as negative, especially with regard to free float of the rupee against the dollar and increasing the interest rate, said Bostan.

This is what happens in a float market, he said, explaining that it was like the sea waves – it goes high and low depending on the conditions.

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  1. Saad salman  May 16, 2019 5:07 pm/ Reply

    What the hell is government doing?The want to make pakistan go bankrupt?I don’t think Pakistan would develop in this man’s time.I am extremely disappointed and in despair.May Allah save Pakistan.Amen.

  2. Anonymous  May 16, 2019 10:30 pm/ Reply

    When Pakistan will have something to sell that others want to buy and pay dollars then Pakistan rupee will become stable or appreciate. If you have nothing to sell and want to buy more from others then you take loan and more loan. Hence the result is …

  3. AR Yasin  May 16, 2019 10:32 pm/ Reply

    Pakistan is bankrupt and surviving by taking loans.

  4. Adnan  May 17, 2019 6:17 am/ Reply

    Saad, Pakistan WOULD develop in this man’s time. You guys were in slumber in past 40 years when looters were ruling over you. Brokers are trying their best to make things difficult for the govt. They will not sustain

  5. Muhammad Usman  May 17, 2019 9:30 am/ Reply

    Agreed with you Mr. Saad, this government is just making fool.

  6. Wajeeh  May 17, 2019 3:05 pm/ Reply

    Bekar government ! or one should sau U-turn Khan.

  7. DOCTOR GOVT  May 17, 2019 8:37 pm/ Reply

    I think we should stand together for Pakistan and for Govt. DON’T Bargain or invest in other currency becacuse mostly when Giants Brokers invest their Black Money into other currency then the other currency value increases and our decreases

  8. Haider  May 18, 2019 2:21 am/ Reply

    I think Government is intentionally making dollar so much strong as compared to rupee because it is very difficult for businesses to get USD remittances. I am a business person and I have to fill stupid forms even for a $500 payment which was supposed to be filled only if the amount is more than $10,000 or more. But all banks force me to fill that form. Also the process takes almost a week even to receive a small payment. I am a filer and I tried opening a USD bank account to make things easier for me but I found out that USD account can not be opened for commercial payments. It is only to receive donations or payments from relatives. This is a joke or intentional crime done by the government to force people to use non banking channels and to strengthen USD.

    Other countries allow to open USD accounts for everyone. We who have no rules have very strict rules to import dollars in our country. So it means someone intentionally wants to not build USD reserves.

    So they are intentionally pushing Pakistan to sink in lots of USD loans.

    Also Citizen’s Portal is also a joke. I submitted same complaint 2 times and both times DG Land and Rehabilitation Directorate, CDA fraudulently marked the complaints as resolved and nobody checked this. I even provided the feedback that they are making us fools but nobody cared.

    So I think people are being made fools intentionally and nobody actually wants to solve the problems. If they allow me to boost the economy of Pakistan, I can do this in less than 6 months, why can’t they if they want to ??

  9. bashar  May 18, 2019 6:17 pm/ Reply

    beqar p.m hai har taraf mehenagai aur kuch nahi yeh sirif berozgari aur mehengai k tohfy de k nikal lega

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