Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Dollar peaks to new high of Rs175 in intraday trade
10-26-2021, 09:26 PM
Post: #1
Dollar peaks to new high of Rs175 in intraday trade
The US dollar peaked to a new high against the rupee on Tuesday, soaring to Rs175 in the intraday trade.

According to an update on Mettis Global, a web-based financial data and analytics portal, the rupee was being traded at Rs175 against the dollar at 12:23pm compared to the previous session's close of Rs174.43.

The rupee weakened by 37 paisa due to the higher demand for the greenback that "shattered the traders' sentiments", according to the report.

“Market needs a firmer direction. Traders are nervous and unsure about the next move, which is causing the high level of stress," Asad Rizvi, the former treasury head at Chase Manhattan bank, was quoted as saying by the report.


He added that there was no stopping the rupee's "one-sided move" and players were unsure about the size of the next hike. Rizvi said that rebalancing portfolios and mitigating financial losses was difficult, according to the report.

Meanwhile, Forex Association of Pakistan President Malik Bostan told Dawn.com that the delay in the results of the negotiations with the International Monetary Fund (IMF) and rumours of a condition for a further devaluation of the rupee had disturbed the currency market and caused the greenback to exceed the "record level" of Rs175 in the interbank market.

He added that after the condition imposed by the State Bank where biometric proof is required for purchasing $500 or above, demand for the dollar in the open market was close to being "non-existent".

Bostan added that measures for the biometric system could also not be taken since they were supposed to be pulled off with the support of the National Database and Registration Authority.

He said that the rupee had depreciated by 11 per cent since July and the pressure would continue until there was stability in the interbank market and the IMF loan programme was approved.

Status of IMF negotiations
The Ministry of Finance is mum about the outcome of its long negotiations with the IMF for the revival of its $6 billion Extended Fund Facility.

Informed sources said the extended talks between the two sides lasting almost three weeks remained tense in Washington and authorities were given tough targets to complete before a memorandum of economic and financial policies could be finalised.

The programme remains “in recess” since April this year and the sixth review that should have been completed by June remains open while the next review has also become due by now under the revised timetable.

The talks that originally began on October 4 through virtual interaction and were scheduled to conclude by October 15 prolonged until October 23 without anything to publicly report about, said an official.

There is a list of ‘do more’ actions that authorities would need to sort out with various stakeholders, he said.

Reference:
https://www.dawn.com/news/1654163/dollar...aday-trade
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Steel Prices Experience a Decline as the Rupee Gains Strength Against the US Dollar LRE-Azan 0 519 12-19-2023 02:32 PM
Last Post: LRE-Azan
  Pakistan and Kuwait Seal Seven Multi-Billion Dollar Investment Pacts LRE-Azan 0 553 11-30-2023 06:42 PM
Last Post: LRE-Azan
  Pakistan and the UAE Strengthen Ties with Multi-Billion-Dollar MoUs LRE-Azan 0 488 11-29-2023 02:38 PM
Last Post: LRE-Azan
  Dollar Rate in Pakistan – USD to PKR Open Market Updated Prices (2023) LRE-Azan 0 791 08-31-2023 07:18 PM
Last Post: LRE-Azan
  CDA Approve A Multi-Billion Dollar Project For The Rural Belt LRE-Azan 0 899 03-02-2023 07:27 PM
Last Post: LRE-Azan
  SBP Further Tighten The Regulations For Dollar Buying And Remit Abroad LRE-Azan 0 1,742 12-20-2021 01:26 PM
Last Post: LRE-Azan
  Pakistan Joins trillion-dollar Economies Club By 25th Ranked In The World Salman 0 4,792 07-20-2017 02:06 PM
Last Post: Salman
  High-rises at high fire risk Salman 0 5,920 10-23-2013 04:51 PM
Last Post: Salman
  $15bn trade target set for 2015 is achievable’ Salman 0 4,615 04-16-2013 12:55 PM
Last Post: Salman
  LDA Trade Centre’s auction today Salman 0 5,113 09-18-2012 03:15 PM
Last Post: Salman
  Pakistan for trade expansion with China Salman 0 4,602 04-11-2012 12:44 PM
Last Post: Salman
  PM for increased trade among Asian countries Salman 0 4,156 04-04-2012 01:26 PM
Last Post: Salman
  Pak-India trade moot to take place on 4th Salman 0 3,959 04-02-2012 12:48 PM
Last Post: Salman
  Pakistan to explore new trade opportunities with New Zealand Salman 0 4,126 03-17-2012 02:20 PM
Last Post: Salman
  UAE investment and trade with Pakistan stands out Salman 0 4,240 02-13-2012 11:53 AM
Last Post: Salman
  ‘Pak trade to get boost even if it captures 1% of India’s market Salman 0 4,461 02-06-2012 01:25 PM
Last Post: Salman
  EU urges Pakistan to enhance trade with ECO countries Salman 0 4,550 12-27-2011 02:03 PM
Last Post: Salman
  Rupee depreciates to Rs 90 against dollar Lahore_Real_Estate 0 3,785 12-27-2011 01:34 PM
Last Post: Lahore_Real_Estate
  Use Gwadar Port for Afghan Transit Trade: CM LRE 2 8,496 12-19-2011 12:31 PM
Last Post: LRE
  Trade volume between Pakistan, Sri Lanka could exceed $1bn Salman 0 4,676 12-14-2011 11:51 AM
Last Post: Salman

Forum Jump:


User(s) browsing this thread: 1 Guest(s)