Rupee vs. dollar makes record low at 87.39
THE local currency market operated for only two days this week as trading remained suspended for four days on account of Eid celebrations from August 31 to September 3. Some hectic dollar buying was witnessed in the two days operation ahead of Eid holidays.
Deteriorating law and order situation, uncertain economic outlook and increased import payment had already sent the rupee to historic lows against the dollar towards last week close.
The downward pressure on the rupee is likely to persist in the weeks ahead, according to leading currency analysts, because of mounting dollar demand to meet import and debt payments.
Some support, however, is expected from higher remittances inflows from overseas Pakistanis which is expected to resist the rupee from all round fall against the dollar.
Meanwhile, the rupee in the inter-bank market continued its downtrend versus dollar in the week shortened by four days due to persistent demand pressure.
In the opening trading session during the week, the rupee extended its weekend weakness against the dollar, further shedding five paisa on the buying counter and also losing seven paisa on the selling counter.
As a result, the dollar was seen enjoying commanding position at Rs87.18 and Rs87.22 in the first trading session. It had ended last week at Rs87.13 and Rs87.15.
Rising demand for dollars further pushed the rupee down in the second trading session. The rupee hit historic lows at Rs87.28 and Rs87.33 after posting 10 paisa loss versus dollar before the market closed for early weekend.
Deteriorating law and order situation, uncertain economic outlook and increased import payment had already sent the rupee to historic lows against the dollar towards last week close.
The downward pressure on the rupee is likely to persist in the weeks ahead, according to leading currency analysts, because of mounting dollar demand to meet import and debt payments.
Some support, however, is expected from higher remittances inflows from overseas Pakistanis which is expected to resist the rupee from all round fall against the dollar.
Meanwhile, the rupee in the inter-bank market continued its downtrend versus dollar in the week shortened by four days due to persistent demand pressure.
In the opening trading session during the week, the rupee extended its weekend weakness against the dollar, further shedding five paisa on the buying counter and also losing seven paisa on the selling counter.
As a result, the dollar was seen enjoying commanding position at Rs87.18 and Rs87.22 in the first trading session. It had ended last week at Rs87.13 and Rs87.15.
Rising demand for dollars further pushed the rupee down in the second trading session. The rupee hit historic lows at Rs87.28 and Rs87.33 after posting 10 paisa loss versus dollar before the market closed for early weekend.
Comparison of Dollars Vs Pakistani Rupee Since 1995.
from 1955 to up til now, several dictators and politicians came around to govern Pakistan. you can see how the prices of Dollar increase/decreases in their periods.
1955 | Govn. Gen. Ghulam Muhammad | Rs. 4.70 |
1958-69 | Self Appointed Field Marshal Gen. Ayub Khan | Rs. 4.70 |
1969 | Gen. Ayub Handed over power to Gen. Yahya Khan | Rs. 4.70 |
1971 | WAR INDIA V/S PAKSITAN | |
1971-72 | Zulfiqar Ali Bhutto(Shaheed) to Save Pakistan | Rs.11.00 |
1973-74 | Z. A. Bhutto | Rs. 09.90 |
1977-82 | Gen. Zia ul Haq | Rs. 10.84 |
1984 | Gen. Zia ul Haq | Rs. 15.36 |
1986 | Gen. Zia ul Haq | Rs.17.25 |
1988 | Gen. Zia ul Haq | Rs.18.65 |
1989-90 | Benazir Bhutto | Rs.21.90 |
1991 | Nawaz Sharif | Rs.24.72 |
1993 | Benazir Bhutto | Rs.30.88 |
1996 | Benazir Bhutto | Rs.34.21 |
1997 | Nawaz Sharif | Rs.40.07 |
1999 | Gen. Musharaf | Rs.50.10 |
2000 | Gen. Musharaf | Rs.58.00 |
2001 | Gen. Musharaf | Rs.63.00 |
2002 | Gen. Musharaf | Rs.63.00 |
2003 | Gen. Musharaf | Rs.60.68 |
2007 | Gen. Musharaf | Rs.61.00 |
2008 | Gen. Musharaf | Rs.63.00 |
2008 | Gen.Mush.+PPP+PML(N)+ANP+MQM+ETC Govt | Rs.67.00 |
2008 | PPP+PML(N)+ANP+MQM+ETC.Govt | Rs.84.00 |
2008 | PPP+ANP+MQM+ETC..Gov | Rs.80.00 |
2009 | PPP+ANP+MQM+ETC..Govt | Rs.81.00 |
2010 | PPP+ANP+MQM+ETC..Gov | Rs.86.0 |
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