Pakistani rupee hits record low.

Society Pakistan & World Affairs
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Unfortunately, there does not seem to be any way out. Apart from begging for more money, there appears to be no government policy to tackle worsening economic situation. :frowning:

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Pakistani rupee hits record low

Economics 10/7/2008 12:26:00 PM

ISLAMABAD, Oct 7 (KUNA) – Pakistani rupee Tuesday hit record low against US dollar, showing a devaluation of more than 24 percent since beginning of this year, further deepening the economic crisis as S and P downgraded Pakistan further into junk territory.

According to the Interbank market rate, on Tuesday the rupee slumped to 78.80 to the US dollar –** a fall of more than 24 percent since the beginning of 2008. Since the new democratically-elected civilian government has come into power, Pakistan is going through turbulent political, economic and security period.**

**Ratings’ Agency Standard and Poor’s (S and P) cut Pakistan’s sovereign rating further into junk territory on Monday, saying the country’s worsening external liquidity may imperil its ability to meet about USD three billion in upcoming debt obligations. **

The agency noted Pakistan would require external assistance in meeting its debt obligations, but expressed concern about whether the help would be enough or whether it would come in time.

The agency underlined mounting concerns over Pakistan’s balance of payments situation amid global financial crises.

While business confidence has also been severely hit by growing instability, the country’s central bank reserves have fallen to USD 4.68 billion, or equivalent to just over two months of imports.

Along with the worsening rupee-dollar parity, foreign investment is virtually becoming nonexistent.

President Asif Ali Zardari has requested the international community to infuse USD 100 billion in grant into Pakistan’s economy to ensure its survival.

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Aage Aage dekhye hota hai kya!!

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Today, Pakistan rupee crossed Rs 80 to a dollar. :(

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Re: Pakistani rupee hits record low.

almost double than India :eek: good for travelers :hehe:

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Re: Pakistani rupee hits record low.

What is the price of a pound ?

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^ latest 83 chal rela hai :D

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Re: Pakistani rupee hits record low.

i m talking about Pakistan not India :smack:

Last when I heard it was 141

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Re: Pakistani rupee hits record low.

OMG! I guess people visiting there from U.S and exchanging dollar amounts must be having a blast.

WO ajnabi ajnabi se cheray wo khawab khiamey rwan dwan se
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It may go to $100+ if General Ashfaq Kiyani doesn't step in and stop Zardari's nonsense.

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Why blame Zardari? You should blame Ishaq Daar and his stupid and idiotic press conference, full of lies and propaganda, in early April 2008 that started this turmoil and caused major damage to the credibility of present government, exposing their incompetency.

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Re: Pakistani rupee hits record low.

Whatever Ishaq set was true. Taking loans and military aid and channeling it into the economy doesnt mean you become an ‘economic tiger’. Musharraf himself blamed Shortcut Aziz who fled away, in a bid to save his kursi.

Also take a look at this:

Pakistan facing bankruptcy - Telegraph

The government is engulfed by crises left behind by Pervez Musharraf, the military ruler who resigned the presidency in August. High oil prices have combined with endemic corruption and mismanagement to inflict huge damage on the economy.

While Mr Musharraf’s prime minister, Shaukat Aziz, frequently likened Pakistan to a “Tiger economy”, the former government left an economy on the brink of ruin without any durable base.

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Oh, so whoever wrote that is economical genius and whatever we see with our own eyes is just mirage? :slight_smile: Do not think that if a person has western name than he/she becomes God and his words are coming from Arash (sky). All Pakistani crooks have their paid mulazims in western press, talking BS all the time.

If you have any argument than explain the obvious, that is if Pakistani economy was bad and was in trouble than why Rupee was holding its value (for 8 years till April 2008), reserves was going up (throughout during 8 years), stock market was rising (throughout 8 years and touched highest point in April 2008), federal tax collection was going up (throughout 8 years), exports was going up (throughout 8 years) … etc etc. If you could not explain these obvious, than do not try to BS with BS references :slight_smile:

Your husband...
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I see, and when we post articles from Pakistani editors, you resort to your usual galli galouch and start calling them paid crooks.

Sorry but the words of editors from the London Telegraph are more meaningful, closer to the truth than some random Cabbies.

[quote]

If you have any argument than explain the obvious, that is if Pakistani economy blah blah blah
[/quote]

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Re: Pakistani rupee hits record low.

Its present government's responsibility to fix things. period.

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The reason why I posted that article was to prove that everyone, the local and the international press blames the previous Govt for this economic mess, but yes, its the present Govts job to fix this but that does not mean they get to take the blame too.

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Yaar ... if you are driving cab in USA then it does not mean that all are cab drivers. :). Anyhow, today I believe that you must be holding job in Punjab ministry earning more than American cab drivers. Aap kee tou lottery nikal ayeaa hay, that is why these days you are so happy and satisfied, defending whatever is going on in Pakistan. :)

Anyhow, I did not ask anyone to accept my words or words of anyone. I just asked people who can think to explain that if economy was so bad during last 8 years than how come things that are obvious to everyone, like exchange rate, KSE index, reserves, federal tax collection, exports, etc ... was as it was. Obviously, people with 'mind of a Zombie' would not be able to think and I am not asking them, as they would only accept what is told to them by their corrupt masters or people in media on payroll of their corrupt masters. :)

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kia baat hay aisay crooks ki jo WESTERN Press may logon ko "paid mulazim" rakhtay hayn, wah wah, baray hi shatir, chalak hayn.

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Re: Pakistani rupee hits record low.

I just have the feelings that the present government simply doesn't know what to do...I don't think they have any vision or a plan...except busy in themselves...lol

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These crooks are worth in billions and money has no nationality, it can buy people from anywhere. Why pretending that you are surprised? Have you not read that Zardari got certificates from USA that he has mental problem, just to save himself from courts of UK? When Zardari could buy people from American medical profession and American hospital reports, than what value these journalists have, especially those without any name or speciality?

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Rs. started its free fall under this administration. Dollar was valued @ Rs.58 for 4.5 years. Keep in mind dollar also lost money, so its uglier than it looks.