Dollar falls to Rs148.70 in interbank market
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The rupee gained some strength in the money market as the value of the US dollar on Thursday further decreased by Rs1.70 in the interbank market.
The greenback settled down at Rs 148.70 in the interbank market. The decline also dictated the open market, forcing the dollar to shed its value by Re0.50 to Rs149.50.
According to currency dealers, stability started returning to the money market as external payments had been made. Some sources in the market said that the State Bank of Pakistan's (SBP) off the record warning to commercial banks against unnecessary acquiring of the dollar also played its role in bringing the value of the greenback down.
Primary dealers expressed hope that the factors, in addition to rising inflows of remittances, would further push the greenback to shed its value in the currency market.
Earlier on Wednesday, the value of the dollar established in the interbank market at Rs150.22 — down Rs0.78. It, however, remained stable at Rs150 in the open market.
On Tuesday, the US dollar had reached the Rs151 mark in the interbank market, with the rupee falling by Rs1.40, while in the open market, the rupee had slid to Rs150 against the dollar, down Rs0.50 as compared to the previous day.
On Monday, falling demand coupled with a surge in supply had pushed dollar's price in the open market to Rs149.50 — down half a rupee from the Rs150 rate in the preceding session. In the interbank market, the greenback had been traded at Rs149.60 as compared to Rs150.90 in the earlier session, posting a decline of Rs1.30.
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Comments (34) Closed
May 30, 2019 04:44pm
Dollar losing it's value and 'money mafia' is getting worried, as their planning to devalue rupee will have a severe setback in the future. Money Mafia - 0, PTI government - 1.
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May 30, 2019 04:48pm
Good sign for Pakistan...
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May 30, 2019 04:50pm
Does a strong rupee mean no need to increase prices of petrol.
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May 30, 2019 04:51pm
People living in the UAE and Saudi are sending money for Eid. Also, the ones visiting back are bringing dollars with them. Therefore, there isn't a supply issue right now.
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May 30, 2019 04:51pm
Educational qualifications do matter . Dr hafeez sheikh and Dr Reza baqir are mitigating the damage done by disaster umar
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May 30, 2019 04:56pm
Imran khan will make Pakistan powerful country in the world. Wait and watch.
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May 30, 2019 05:10pm
Those who converted millions lose that much more every time there’s a fall. This means that there may be a snowball effect and it’ll come back down to the 120s. But who knows what the future holds?
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May 30, 2019 05:39pm
So we can say our economy is progressing and dollar will hit 100 soon? right?
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May 30, 2019 05:41pm
@MAkram , You mean taking dollar up to 150 from 110 and then bringing down to 149 is a great achievement?
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May 30, 2019 05:44pm
@Bilal Kaifi , No rocket science. Much before the appointment of these two gentlemen, I had been commenting about few steps exactly same was done
that’s it. Those recommendations still valid viz Keep strict regulatory control on foreign exchange dealers, restrict imports through L/Cs, discourage non- essential imports, promote local ‘ Made in Pak’ products, facilitate overseas Pak remittances, encourage them to cash dollars at schedule banks counters,boost exports, check the outward smuggling of dollars. These are few basic steps any
graduate can press. The dollar can still fall, just twist the arms of corrupt and recover the looted wealth, raid their premises, you’ll get more dollars, put those dollars in national exchequer. Dollars will again fall.
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May 30, 2019 05:47pm
Sell your USDs asap. Now is the time to sell and get Rupees. You will regret if you dont.
I sold all when it reached 150. It will fall back to 128 in a matter of days.
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May 30, 2019 05:48pm
this is just temporary just let the budget come and you will see dollar petrol and roti sold at gold rates
just wait till after eid and imran will show his true colors how much love and freindsip he has for
modi , ali wazir and iran
go imran go
bring back pmln bring it back
if you want pakistan saved from tabahi aka tabdeeli
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May 30, 2019 06:21pm
Well done.. time to sell stored dollars.
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May 30, 2019 06:46pm
All until Eid. Remittances will dry in 5 days and with hajj forex reserves will start drying up again.
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May 30, 2019 06:53pm
right now in PK, three institute on same page
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May 30, 2019 07:34pm
@Ash Man , It will off set the price to some extent.
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May 30, 2019 07:52pm
It will hit 250 within 2019.
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May 30, 2019 08:24pm
@Shy Guy, Please go and get your currency straighten we are enjoying short term gains
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May 30, 2019 08:57pm
@ seriously!!! .....seriously???!!!
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May 30, 2019 09:06pm
What's changed in the country for the increase and decrease dollar value, it's all speculations.
Until the looted money doesn't hit our market, we will keep on seeing this fluctuations, since rich wants to do the business in dollars and poor can't even afford rupees.
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May 30, 2019 09:22pm
@Shy Guy, I disagree, in 12 months 1 USD will be about 60 PKR.We have strong fundamentals and solid backing of IMF and other hard currency. No corruption, CPEC picking up steam and we've just hit the low and now it'll be an upward trajectory. And with honest and proper governance, no one can stop us!!!
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May 30, 2019 09:47pm
PKR is the best currency in Asia. Wait for a month, it will be back to 104 for dollar.
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May 30, 2019 09:47pm
@Taimur, it was better than keeping it artificially low for years... this needed to happen for the long term benefit..
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May 30, 2019 10:06pm
More than the rate what really matters is how much foreign exchange is being spend to defend the rupee fall. In case lot of foreign exchange is being spent its better to allow PKR to weaken further
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May 30, 2019 10:22pm
@Sid, to be honest - in Economics there is a formula in 101 level trade/finance course to deetime a ballpark exchange rate. With that formula in mind I think exchange rate has to be less than 100 rs against US dollar. Why it is high because our manufacturing sector is not that competive to take the advantage of this artificially depreciated currency. Period.
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May 30, 2019 10:26pm
@Mohd azeez , may be 1.04
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May 30, 2019 10:31pm
Dollar will drop down to 140
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May 30, 2019 10:52pm
Imran khan will bring dollar to its value as it has brought politicans.just wait for it
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May 31, 2019 12:24am
Let’s put it in cricket terms, our opener batsmen collapsed in under ten overs , all pressure on middle batting order , if they didn’t perform well , it will be a low scoring match and IMF will easily reach set goal and we will loose the match again even after five years , so we need to bat well in first half and in second half which will be last 2.5 years , we need to strengthen the economy so much as to defend our score and return the loans on maturity . As a nation is our responsibility
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May 31, 2019 12:37am
@Zak, In 12 months, 1 USD will be 60 PKR. Wanna bet!
Anyone wanna bet, 1 USD ~ 60 PKR by June2020?? I'm willing to bet USD 1,000 - anyone!!!
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May 31, 2019 02:59am
Is it the Pakistani currency only that is losing ground? Or it is U.S. dollar gaining
grounds against world currencies. The opposition in Pakistan is making it a big issue.
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May 31, 2019 06:31am
@MAkram , funny
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May 31, 2019 08:09am
Buy it now. Will make a lot of money very soon.
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May 31, 2019 11:55am
Usd will go down and settle at 120
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