As Pakistani rupee drops to record low, FM blames politics
2 years, 5 months ago

As Pakistani rupee drops to record low, FM blames politics

Al Jazeera  

Finance Minister Miftah Ismail said the panic was due to political turmoil and not over economic fundamentals. Pakistan’s finance minister has blamed the rupee’s slide on political turmoil, saying he expects market jitters over the currency’s sharp decline to subside soon. “The panic is primarily due to political turmoil, which will subside in a few days.” The rupee fell 2 percent on Monday, and 3 percent on Tuesday, despite last week’s staff level agreement reached with the International Monetary Fund that would pave the way for a disbursement of $1.17bn under resumed payments of a bailout package. “The recent movement in the rupee is a feature of a market-determined exchange rate system,” the State Bank of Pakistan said in a series of Twitter posts late on Tuesday night. On Tuesday, sovereign dollar bonds issued by Pakistan suffered sharp losses to record lows after Fitch’s move, while the Pakistan Stock Exchange’s KSE100 Index fell 2.36 percent.

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History of this topic

Rupee expected to weaken more in coming months
1 week, 1 day ago

Rupee expected to weaken more in coming months

Live Mint  

Mumbai: The rupee is expected to further weaken in the coming months as Trump’s presidency strengthens the dollar at least in the near-term, experts said, adding that the central bank's interventions in the currency market are likely to ease. “There is a pending depreciation pressure visible on the rupee and that is seen in the REER overvaluation of around 8%," …

Rupee's slide: What it means for economy, markets, and you
1 month, 1 week ago

Rupee's slide: What it means for economy, markets, and you

India Today  

The rupee’s recent tumble to a record low of 84.73 against the US dollar has raised concerns about its impact on the economy and people’s daily lives. Although the rupee has recovered slightly today due to gains in the Chinese yuan, the recent drop reflects a confluence of global and domestic factors, creating ripple effects that extend beyond currency markets. …

Pakistani rupee hits record low amid IMF bailout delay
1 year, 10 months ago

Pakistani rupee hits record low amid IMF bailout delay

Al Jazeera  

Pakistani rupee dropped by 6 percent against the US dollar, while interest rate was raised to 20 percent as the country waits to unlock $1.1bn IMF fund. The Pakistani rupee has touched a record low, while a bigger-than-expected interest rate rise has failed to revive its markets as the South Asian country struggles to unlock critical funding from the International …

Pakistan's current account deficit decreases as imports grind to near standstill
1 year, 10 months ago

Pakistan's current account deficit decreases as imports grind to near standstill

Firstpost  

Karachi: Pakistan’s current account deficit dropped to $0.2 billion in January 2023, down 90% from last year as the rupee’s depreciation slowed down imports, the central bank said on Monday. In less than a month, cash-strapped Pakistan’s currency has lost more than a quarter of its value against the US dollar after the removal of artificial caps, and fuel prices …

Cash-strapped Pakistan's rupee plunges amid talks with IMF
1 year, 11 months ago

Cash-strapped Pakistan's rupee plunges amid talks with IMF

The Hindu  

Cash-strapped Pakistan’s currency plunged Thursday against the dollar after the government indicated it was ready to comply with tough conditions set by the International Monetary Fund for the next tranche of its bailout package. Pakistan is seeking a crucial installment of $1.1 billion from the fund — part of its $6 billion bailout package — to avoid default. The rupee's …

Cash-strapped Pakistan’s rupee plunges amid talks with IMF
1 year, 11 months ago

Cash-strapped Pakistan’s rupee plunges amid talks with IMF

Associated Press  

ISLAMABAD — Cash-strapped Pakistan’s currency plunged Thursday against the dollar after the government indicated it was ready to comply with tough conditions set by the International Monetary Fund for the next tranche of its bailout package. Financial expert Malik Bostan said the value of the rupee dropped mainly due to the delay in the revival of the IMF’s bailout talks, …

Cash-strapped Pakistan's rupee plunges amid talks with IMF
1 year, 11 months ago

Cash-strapped Pakistan's rupee plunges amid talks with IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Cash-strapped Pakistan’s currency plunged Thursday …

Pakistani finance minister estimates 'close to three years' for recovery from devastating floods
2 years, 2 months ago

Pakistani finance minister estimates 'close to three years' for recovery from devastating floods

Firstpost  

Ishaq Dar said that losses from the floods were estimated to surpass $32 billion and that the cost of rebuilding damaged infrastructure will exceed $16 billion Washington: Pakistan’s new finance minister estimated that it could take “close to three years’’ for the south Asian country to recover from devastating floods that killed more than 1,700 people and displaced another 7.9 …

Pakistani markets in ‘panic’ as currency slides further against US dollar
2 years, 5 months ago

Pakistani markets in ‘panic’ as currency slides further against US dollar

Live Mint  

The Pakistan rupee slid further against the US dollar on Wednesday, as the local foreign exchange association warned that panic was spreading through the currency market following the sharp declines this week. On Wednesday morning the rupee was trading at 225 per US dollar, having ended Tuesday at 221.99 after Fitch ratings agency revised its outlook for Pakistan sovereign debt …

Data | Hitting record lows: What is driving the rupee’s fall?
2 years, 7 months ago

Data | Hitting record lows: What is driving the rupee’s fall?

The Hindu  

On Monday, the Indian rupee slumped to an all-time low of 77.36 against the U.S. dollar. India’s foreign reserves have also been dented due to the central bank’s intervention in the spot market to prop up the Indian unit. Click to remove AMP mode Intense selling The rupee’s fall has been accentuated by an exodus of foreign portfolio investors from …

Pakistan political crisis: Rupee falls to an all-time low
2 years, 9 months ago

Pakistan political crisis: Rupee falls to an all-time low

Al Jazeera  

The rupee hit 188.14 to the US dollar as the country’s top court prepared to deliver a verdict. The Pakistani rupee has fallen to an all-time low as the country’s top court prepared to deliver a verdict on the case of the National Assembly deputy speaker’s obstruction of an opposition bid to remove Prime Minister Imran Khan. The deputy speaker …

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