1USD = ?PKR - Dollar is skyrocketing!


#1

A plummeting dollar is gaining strength against Pakistan Rupees. This is going to kill our economy even faster, have a huge negative affect on an already high inflation and is surely going to lead to a recession.

Oct 17, 2008 - Dollar now costs (1 U.S. dollar = ) 81.799591 Pakistan rupees

Your thoughts and opinions regarding this highly disturbing news would be highly appreciated.

Thank you,

Z


#2

That's the official bank rate. If you want to remit currency abroad, the black market rate was a whopping Rs 90.00 today!

Crazy times.


#3

Heh, reporting for the same day, the interbank rate is Rs. 84 :/


#4

^no improvement expected in near offing!!!


#5

one side I'm happy.. day by day my earnings are increasing. if i see it in pakistani rupees,as i earn in USD, other side I'm quite about worried about the economy cause. on other side my expenses are also rapidly going high and high ,

well overall by earnings are high about 23% and expenses only 16% so.. overall 7% increase in profit :)


#6

although during tonight emergency press conference governer state bank describe steps taken by state bank to increase pakistani currency value but i dont think now they can bring dollar value down, it never happens in pakistan's history.


#7

Due to the unraveling of the derivatives, the dollar is in high demand. The usd is rocketing worldwide and gaining against all currencies. There is nothing much the state bank can do about it for the next 4-6 months.

Edit: Not to mention our currency is trash.


#8

Whether Pakistan's State Bank and Pakistani "100% Political and People"'s Government accept it or not, but after Zimbabwe, Pakistan's enconomy is strolling down the hill.

Once Zimbabwe enjoyed being most successful economy of Africa but now it is in ruins. I try to be optimistic but I see nothing good in near future that can stabilize Pakistan's failing economy.

I talked to few local businessmen and they told me that Pakistan had already entered into a phase from which it may take up to 20 years of hardest struggle to get to the level of 2005, maybe never.

I know it's blasphemy on Pakistani forums to even say names of country's leaders, commenting on them is an unthinkable taboo sin. But I can't resist to say that good God, one million pounds for just security for Prince of Pakistan? How much Prince of Pakistan spent other than security in visiting to Pakistan and staying lavishly at Oxford? When people in Pakistan are unable to buy a single Roti.

Source: http://en.wikipedia.org/wiki/Bilawal_Bhutto_Zardari

And we think why US Dollar is rising against PK Rupee when dollar is falling against Euro?

Fe-Aman Allah.


#9

^he is "prince" indeed, actually all of our leaders are "lords", when they die its their descended who takes their seats and decides the future of people like us...its so not democracy.


#10

Actually all of us always blame the politicians but have you ever thought about the attitude of a comman man in here. They dont have money to buy bread but their mobile gets easyload everyday .They cant afford the education of the childrens but they want more of them. and there are countless examples where this nations doesnt look like a nation so stop complaining and start doing good for your country becasue leader cant change the life standards here you have to make change by yourself.


#11

I agree to Billa to an extent there.. Like people, like leaders !!!


#12

I also agree with you guys. Our attitude as a nation is really crap, after all it is the public that elects the most worthless of politicians. We have chosen the Bhutto family yet once again despite the fact that they were responsible for breaking up the country in 1971 (Bangladesh chapter) and massive mismanagement in the 1980s and 1990s... and we expect them to deliver.


#13

First, I shall clear that neither I have affiliation with any political party of Pakistan nor I have any soft corner for non-political leaders.

A country gets leadership from what the country has, the people. Crappy people have crappy leadership. This formula looks correct but it is not.

On an average basis, in a large group of people (like in a country); there are percentages of people who are criminals, good law-abiding citizens, religious extremists, moderates, white collar criminals, etc. etc. Hence, all sorts of people, good and bad. I hope you'll agree at least up to this part?

Same like any other country, Pakistan also have similar percentage (that I mentioned in above paragraph).

Now, saying that due to some few million criminals (all sorts of bad people) a nation of 160 million gets bad leadership just because of it? Can you name one country in this world that doesn't have criminals (white-collar criminals to street gangsters)? Just name one country!? You CAN NOT! It is not possible because it's in the nature of primates (and other advanced animals).

We get crippled leadership because in our "leadership selection system" (executive branch of government), we have checks and balances (made by previous "leaderships", political and non-political, both) that no "good" person can hold highest executive seat (i.e. PM of general assembly). From political party's checks to bradari system for voting etc. Can a "good loyal" person ever cross all these barriers and get elected to the seat of PM? Never!

Furthermore, if whole nation is bad and can never progress then why this nation progressed up to the level of 2005? Now, don't give stupid exclamation of "due to USA aid". Just think of a minute, take few minutes and read what was happening in those years of progress.

Why Pakistan got second position in cotton-based products?

Why Pakistan got second position in leather-based products?

What was happening before EU imposed anti-dumping duty on Pakistan?

Why we got progressed from extreme low of 1999 to the level of 2005?

Why Pakistan's economy was doing good when there was Asian Finical Crises?

The answer is simple, when Pakistan got good economic policies we got good results and Pakistan was progressing. When we get "crippled" economic policies, we get what we have today.

Pakistani are hardworking people. We don't have oil reserves but we know how to work with our hands. If we can make difference in first five years of 2000s then we can do it again, all we need is good economic policies by sincere leadership.

By the way, the currently government's economic policy is very simple "World should give us $100 billion dollar in aid". What a joke! Why anyone give us that much money? aa ja kar bus bheg mangna ata hai

Pakistan prevails!

Fe-Aman Allah.


#14

First, let me tell you that politics should not be discussed on this forum.

Second, I shall close this thread!