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KARACHI: The rupee remained under pressure amid a deepening political crisis as it lost another 90 paise against the US dollar in the interbank market on Wednesday.
The dollar climbed to a record Rs186.13 against Rs185.23 the previous day.
Currency dealers said the importers had been facing problems in arranging dollars to make payments.
While the government itself is in crisis due to the political situation, the policymakers are not giving a clear vision of the day-to-day fall of the rupee.
Traders and industrialists say the free float exchange rate idea is not working and have been appealing to the State Bank of Pakistan to play its role in bringing stability as the exchange rate volatility is posing a serious threat to the economy.
They said the production cost has already jumped by 20pc due to the steep rupee fall that has sharply increased the import cost of raw materials.
The central bank remains silent over the current exchange rate situation, while the government has been arguing that it was due to higher demand for dollars from the importers.
Published in Dawn, April 7th, 2022
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Comments (57) Closed
Apr 07, 2022 09:39am
● 1 US$ = 186 Pakistan Rupees.
● 1 US$ = 86 Bangladesh Taka.
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Apr 07, 2022 09:41am
Dollar has increased by Rs. 8, since no confidence motion was submitted a month ago. Govt should have called NA session immediately. The uncertainty created by the govt is destroying already fragile economy. Still there is no end in sight.
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Apr 07, 2022 09:47am
ab ki baar doso paar!
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Apr 07, 2022 09:50am
14 more to go to complete double century.
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Apr 07, 2022 09:52am
Thank Ik for the double century
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Apr 07, 2022 09:54am
It can fly straight out of the planet
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Apr 07, 2022 09:54am
When 200?
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Apr 07, 2022 09:58am
Ik is responsible for this Chaos!. He brought dollor from 120 to 186.
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Apr 07, 2022 10:00am
Sub sw phele gabarana nagi
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Apr 07, 2022 10:05am
Eesults of inran's incompetence are everywhere. Tabdeeli devastated pakistan and made pak enemies job easier
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Apr 07, 2022 10:05am
@Jamki,
No. Blame others, eg. Oppositions or India. But not ex PMIK.
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Apr 07, 2022 10:08am
Thank you Imran Khan for your mismanagement.
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Apr 07, 2022 10:09am
This is an international conspiracy against our great nation. We should be ready to eat grass but should not accept any demands from them.
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Apr 07, 2022 10:11am
@Jamki, definitely PMLN PPP fault for all the looting! Now payback time - if the loot was recovered things would be different. Maybe back to PKR 60 per USD.
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Apr 07, 2022 10:16am
Now ee know why expat pakistanis love him.This is one main reason.
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Apr 07, 2022 10:18am
Pakistan is competing with srilanka. Let’s see when it also makes triple century.
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Apr 07, 2022 10:18am
This is another surprise by the great visionary kindhearted leader. High dollar is hood for OS Pakistanis and most of IKs atms who will fund his elections!
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Apr 07, 2022 10:20am
Bad governance and mismanagement by PTI brought us to this position.
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Apr 07, 2022 10:24am
Is this the reason people voted and elected their members to bring the country to a hault? The country is heading similar to what is happening currently in Sri Lanka. There will be food, medicine, petrol/diesel/gas scarcity as there is no much dollar left to import. No avenues left to get additional dollars as IMF have haulted its programme and no other country willing to give loans. Best wishes to the business community and this is all that I can do for now.
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Apr 07, 2022 10:27am
Barrier ? It's a miracle that it's below 200
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Apr 07, 2022 10:40am
Where are we heading towards? It's high time that SC acts immediately and goes ahead with the proposed elections within 90 days.
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Apr 07, 2022 10:45am
All for one anarchist and egoist. Poor nation, unable to decide between daily life and international conspiracy theories.
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Apr 07, 2022 10:53am
@Nasir S., you have grass?
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Apr 07, 2022 11:03am
Pakistanis are shortsighted. They want quick fixes without doing any nation building.
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Apr 07, 2022 11:07am
@M Emad, Bangladesh has annual exports of US$ 40+ Bn with FX reserves of ~ US$ 42 Bn - I believe there is no comparison here
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Apr 07, 2022 11:14am
@Bret, thank the PDM for creating this environment. They could have waited for another year for elections.
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Apr 07, 2022 11:15am
@Jaredlee007, Unfortunately it is 100% true.
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Apr 07, 2022 11:15am
@Yasir, the 3 stooges are the perfect candidates to turn around the country.
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Apr 07, 2022 11:21am
@M Emad, But life style of Pakistani nation much better than Bangladeshi people But value of Dollar is not mean the happiness of people is really happy.
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Apr 07, 2022 11:28am
PMIK is trying for triple century now
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Apr 07, 2022 11:30am
@M Emad, there is no comparison. Bangladesh is among the fastest growing economy of the world, leadership completely focused on internal growth. Now like our handsome PMIK
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Apr 07, 2022 11:35am
Was it really a barrier? No it wasn't.
A climb to 217 still looks planned
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Apr 07, 2022 11:36am
Dont call it a barrier Dollar has been boombing against Pak rupee past few years freely
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Apr 07, 2022 11:39am
1 INR = 2.46 PKR
Pakistan would be a cheap place to visit...only if anyone wanted to visit.
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Apr 07, 2022 11:52am
@Pragmatist, very true, rather go to ukraine!
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Apr 07, 2022 11:53am
This is PTI's naya pakistan.
Destroyed economy and political instability.
What an irony, this party has taken Pakistan back to 90's
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Apr 07, 2022 11:54am
@Pragmatist, But Pakistani people more happier than Indian it’s international report
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Apr 07, 2022 11:55am
The dollar climbed to a record Rs186.13 against Rs185.23 the previous day.
This would not happen if opposition did not bring ' no confidence motion' on foreign instructions.
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Apr 07, 2022 11:57am
@M Emad, ● 1 US$ = 186 Pakistan Rupees.
● 1 US$ = 86 Bangladesh Taka.
Bangladesh voted as per foreign instructions.
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Apr 07, 2022 12:00pm
For a common man he deals in Pakistani currency and not in US dollars.
We keep on giving importance to rising US dollar though any thing which is purchased in Pakistan currency is also sold within country in Pakistani currency, therfore, any local transaction does not affect people due to rising parity of Rupee comparing to US dollar, except buying and selling items in international market
This is a wrong practice to connect Rupee with US dollar parity while purchasing any item within country.
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Apr 07, 2022 12:13pm
Country in constitutional and economic spiral!!!
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Apr 07, 2022 12:27pm
@Datta, Even grass is drying up in Pakistan.
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Apr 07, 2022 12:35pm
@ENGR Hamid Shafiq, Not for long.
Look up the figures of % of Pakistanis suffering from mental health issues.
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Apr 07, 2022 01:06pm
To every rise, there is all and for every U.S. dollar, there is a halt.
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Apr 07, 2022 01:30pm
The worst part is to give 100 billion dollars loan with interest which was taken at 120 pkr.......
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Apr 07, 2022 01:31pm
Sad. Hope you guys have a stable govt.
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Apr 07, 2022 01:40pm
Pakistan has been destroyed by some people and they still behind the left over Pakistan to finish completely.
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Apr 07, 2022 01:42pm
Thanks PMIK
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Apr 07, 2022 01:43pm
The problem with Pakistan is not a nation. Pakistan is a mix of various ethnic groups with their own tribal mindsets and rituals. No one tried to build a nation as a Pakistan. How one could expect prosperity and development in such a diverse environment without strict law enforcement.
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Apr 07, 2022 01:44pm
US dollar reaches 189 rupees. What a devastation.
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Apr 07, 2022 01:56pm
Army is deliberately letting situation deteriorate. Then it will come in and make itself look good. They are equally responsible for current crisis. Suddenly took a back step. Now no one is talking about their role. They are the ones who backed IK. Sad.
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Apr 07, 2022 01:57pm
@M Emad, well said...Bangladesh economy is far better than pakistan.
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Apr 07, 2022 02:53pm
@ENGR Hamid Shafiq, But Pakistani people more happier than Indian it’s international report
This is because Pakistani people have no idea of what options they have and are the least ambitious people
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Apr 07, 2022 02:56pm
@Bhaskar, "@M Emad, well said...Bangladesh economy is far better than pakistan."
And there is a reason why, because it has no political issues with neighbor and no threat.
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Apr 07, 2022 02:58pm
@ENGR Hamid Shafiq, Aah that was before PMIK.
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Apr 07, 2022 05:36pm
Interesting comments ..it is elementary principle..it is all about supply and demand .when India despite of sanction on Russia can trade in their rupees ..why Pakistan cannot do the same with their friendly countries...it is all about the courage to take this bold step against your adversaries..you must get your soul back from them ; we are killing our flesh without it..
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Apr 07, 2022 09:12pm
Really scary situation with Forex reserves running out and war putting extreme pressure on oil and other commodity prices. Need of the hour is focussed effort from govt to bring the situation under control otherwise falling rupee will start spiralling down like it happened in Sri Lanka or Venezuela. It is bring in non-political individuals into government
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