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Dollar reaches new high, touches Rs142.5 against the rupee

March 30, 2019
Dollar reaches new high, touches Rs142.5 against the rupee

The dollar is on the rise again and has hit its highest level ever of Rs142.5 on Saturday. 

The greenback was trading at Rs142.5 in the open market on Saturday, breaching its previous high of Rs140.78 on Friday.

Last year, the dollar appreciated 27% against the rupee, witnessing two of its biggest ever single day jumps in the short span of one and a half months. It was one of the most volatile years in terms of exchange rates.

Experts attribute last year’s rise in dollar rates to our depleting foreign exchange reserves, which fell below $7 billion in December. This level was not sustainable beyond two months of import payments. The shortage of dollars had kept rupee under pressure for most of 2018 and resulted in its devaluation.

Related: $2.1b from China to be deposited into State Bank’s account by March 25

However, the government was able to secure back to back aid packages from Saudi Arabia and the UAE during Prime Minister Imran Khan’s visits last year. The Saudi government has dispatched the $3 billion it had pledged in support of our foreign exchange reserves. The UAE, on the other hand, has sent $2 billion and will send another $1 billion soon. China also recently sent $2.1 billion to support Pakistan’s dollar reserves.

However, the current level of reserves is still not enough to cover three month cover for import payments.

Related: Gold inching back to its all-time high

Previously, experts had predicted the dollar may touch Rs150 but the recent dollar inflow has prevented the rupee from falling to that level. Presently, Pakistan is negotiating a loan package from the International Monetary Fund (IMF) but a breakthrough in talks is awaited.

 

Experts say the IMF will set difficult economic reform targets for Pakistan including a free-float exchange rate, which may result in further depreciation of the rupee. However, others argue the rupee has already depreciated enough to reach its real value against the dollar.

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11 Comments

  1. Avatar
      Banday shah  March 30, 2019 10:54 pm/ Reply

    Pakistan is doomed under incompetent PTI. Ishaq Dar now seems angel who managed the economy and dollar very well. PTI propaganda machinery and lies fully exposed. They are totally trash.

  2. Avatar
      Mokhtar  March 31, 2019 10:25 am/ Reply

    Its true so far Pti govt has not shown they are in control of the deteriorsting economy. It looks the business community but i think pti govt should be given chance to explore furyher ways and means to control the monster of economy. The are clean and sincere but not corrupt like its predecessors

  3. Avatar
      Nabeel  March 31, 2019 3:13 pm/ Reply

    This deprication in economy is only due to prevoius governments just crush the country by getting too much loan that a country can’t return and beleive it or not previous governments don’t care weither a person lives or die they just have to do corruption in each and every goverment department and that all. people should pay attention who is robing the country and who is saving the country from darkness before arguing on any action that current goverment takes

  4. Avatar
      Shahid K.  March 31, 2019 3:39 pm/ Reply

    The country is paying for the sins of our ancestor governments. PTI has to clean their “trash” and not be blamed for its efforts to correct the economy of the previous corrupt leaders. Ishaq Dar was a magician at juggling numbers.

  5. Avatar
      Richi  March 31, 2019 6:00 pm/ Reply

    Don’t blame your current or successive governments because as a Muslim country your priorities were different from the beginning. Every now and then we usually heard that Pakistan is the only nuclear Muslim country and this attitude doomed you.earning bread and butter is different from being powerful.

  6. Avatar
      Saurabh sharma  March 31, 2019 8:34 pm/ Reply

    Pakistan if curbs terror and hands terrorists like Masood azhar,Hafeez Saeed and Syed Salahuddin;Pakistan can ask for monetary aid from its closest neighbouring state India rather than going to China,Saudi Arabia or U.A.E for economic bailout packages!!

  7. Avatar
      Narayan  March 31, 2019 11:08 pm/ Reply

    Pakistan must concentrate on rebuilding the economy like industrialization and development instead of showing to the world how powerful they are. Blaming each other and fanning religious fanaticism will do no good either.

  8. Avatar
      Bhai  April 1, 2019 5:49 am/ Reply

    Please mention which countries ruppee. It confuses at first glance

  9. Avatar
      Nauman  April 1, 2019 7:40 pm/ Reply

    TABDELI AEE RE TABDELI……

  10. Avatar
      sham  April 1, 2019 10:02 pm/ Reply

    very good information

  11. Avatar
      GR  April 3, 2019 9:19 am/ Reply

    Pakistan’s currency is now half as valuable as Bangladesh.

    I only hope the worthless state of the economy opens the eyes of the ordinary citizen that Pakistan cannot compete with India but it can definitely cooperate with India.

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