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It created a higher demand in the interbank,” the former adviser said adding that exporters hold their proceeds during depreciation to yield a better rate in the future. Pakistan’s rupee had its worst month since 1989 amid a dollar shortage and concern over a delay in an International Monetary Fund bailout program. “With the pronounced rupee slide, financial institutions tried to cover import payments.
#Pakistan rupee free
The former adviser to the finance ministry Dr Khaqan Hassan Najeeb said that the political uncertainty and a Fitch ratings downgrade has influenced the free fall of the rupee, local media reported.
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“The depreciation this week, amongst other factors, has been triggered by the political surprise that the electorate delivered in Punjab on the weekend, and this frenzy should fizzle out soon,” Development economist Maha Rahman said. The data released by the State Bank of Pakistan (SBP) showed that the rupee fell to as low as 229 during the intraday trade, but it closed at PKR 228.27.Īnalysts have said that the political uncertainty in the country due to the by-elections in Punjab and the delay in the International Monetary Fund’s (IMF) programme has contributed to the slump of the Pakistani rupee. On Friday, the Pakistani rupee surpassed all prior records against the US dollar after hitting a fresh record low of PKR 228 against the dollar in the interbank market. “I reiterate political uncertainty is weakening market sentiment and leading to more PKR depreciation,” Ali added. “Note that BoP (balance of payments) pressures on the currency have eased, as per the SBP, which asserts that Pakistan has enough capital commitments for the next 12 mths to take care of its dollar outflows,” he said. “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths,” Acting governor of Pakistan’s central bank Murtaza Syed said.Ĭapital marker expert Muhammad Saad Ali said there has been a slump in the rupee due to the rise in the political uncertainty in the Punjab province, local media reported. The Pakistani rupee has slumped nearly 8 per cent against the US dollar during the last trading week, and the forex reserves of the country are below USD 10 billion with inflation at the highest in more than a decade, Geo News reported. The data provided by the State Bank of Pakistan (SBP) showed that the rupee slumped to 230 during intraday trade, as compared to its rate of 228.37. Pakistan will meet its elevated funding needs comfortably with the International Monetary Fund bailout remaining on track, the central bank said, even as the rupee completed its biggest weekly. Some relief for the battered currency is on the way, however, after the International Monetary Fund (IMF) agreed to a deal that will see Pakistan receive $1.7 billion in tranches in the coming weeks to shore up the country's finances.Islamabad, July 25 (ANI): The Pakistani rupee has dropped to a record low against the US dollar with the exchange rate sliding to PKR 230, local media reported on Monday. Zalakat Khan, who teaches at the Economic Department of Peshawar University, said the current situation with the rupee will spark another wave of inflation in Pakistan, with food and utility prices hitting workers hard.
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dollar on Thursday, amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif who is considering massive new taxation to avoid a default. The ruling Pakistan Muslim League says the existing assembly will complete its constitutional term of five years before a vote is held on time in mid-2023. Pakistan’s currency plummeted to an all-time record low in intraday trading against the U.S. Khan's victory has breathed new life into his campaign to oust the current government, with the former cricket star once again repeating his demand for early elections after he was sacked in a no-confidence vote. The rupee's current downturn was sparked by domestic political instability, and the pace of its decline increased with the results of by-elections in Punjab Province, where the opposition Pakistan Tehrik-e Insaf party of former premier Imran Khan unexpectedly won 15 out of 20 seats, thus paving way for a change of government in the key province.
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currency on the interbank market during the day, after closing on July 18 at 215.2. The Pakistani rupee slumped to record lows against the dollar on July 19 as domestic political and economic factors weigh on the currency.