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Chronology of how the rupee has risen in price against in dollar

Chronology of how    the rupee has risen in price against in dollar

Pakistani rupee hits deepest decline in some years. Because the start of 2022, the currency depreciated by more than 25% against United states dollarweakening past historical low of 239.94 k dollar note earlier this week.

However, the Pakistani currency is not alone. in things are going badly against dollar, with even the historically strong euro and British pound against U.S. dollar.

Lately, the fear that has gripped financial markets and various stakeholders of in economy is that unless reasonable and timely economic measures are taken, Pakistan may out of control, many like Sri Lanka.

This accelerated the free fall. of rupee against United States dollar in interbank market recently.

A report by Arif Habib Limited highlights that significant initial depreciation of rupee against in dollar was triggered back in April 2022 post a vote of no-confidence leading to regime change in country.

Associated political risks and paradigm shifts took duty on foreign investors and lenders confidence, which greatly contributed to the pressure on the rupee.

in last For several weeks, the Pakistani rupee has been in free fall. against United states dollar depreciating over 16% since start of fiscal year 2022-23.

Was the rupeedollar parity is always so stormy?

Geo.tv look at how Pakistani currency has lived since its inception in 1947

Year

Rupee value against 1$

Year

Rupee value against 1$

1947 Rs 3.31 1960 Rs 4.76
1948
Rs 3.31
1961 Rs 4.76
1949 Rs 3.31
1962 Rs 4.76
1950 Rs 3.31
1963 Rs 4.76
1951 Rs 3.31
1964 Rs 4.76
1952 Rs 3.31
1965 Rs 4.76
1953 Rs 3.31
1966 Rs 4.76
1954 Rs 3.31
1967 Rs 4.76
1955 Rs 3.91 1968 Rs 4.76
1956 Rs 4.76 1969 Rs 4.76
1957 Rs 4.76 1970 Rs 4.76
1958 Rs 4.76 1971 Rs 4.76
1959 Rs 4.76
1972 Rs 11.01

Year

Rupee value against 1$

Year

Rupee value against 1$

1973 Rs 9.99 1986 Rs 16.65
1974
Rs 9.99
1987 Rs 17.4
1975 Rs 9.99
1988 18 rupees
1976 Rs 9.99
1989 Rs 20.54
1977 Rs 9.99
1990 Rs 21.71
1978 Rs 9.99
1991 Rs 23.8
1979 Rs 9.99
1992 Rs 4.76
1980 Rs 9.99
1993 Rs 25.08
1981 Rs 9.99 1994 Rs 28.11
1982 Rs 11.85 1995 Rs 30.57
1983 Rs 13.12 1996 Rs 31.64
1984 Rs 14.05 1997 Rs 36.08
1985 Rs 15.93
1998 Rs 41.11

Year

Rupee value against 1$

Year

Rupee value against 1$

1999 Rs 51.90 2011 Rs 88.6
2000 Rs 51.90
2012 Rs 96.5
2001 Rs 63.5
2013 Rs 107.2
2002 60.5 rupees
2014 103 rupees
2003 Rs 57.75
2015 Rs 105.20
2004 Rs 57.8
2016 Rs 104.6
2005 Rs 59.7
2017 Rs 110.01
2006 Rs 60.4
2018 139 rupees
2007 Rs 60.83 2019 Rs 163.75
2008 Rs 81.1 2020 Rs 168.88
2009 Rs 84.1 2021 Rs 179.16
2010 Rs 85.75 2022 (as of July 29) Rs 239.9

Analyst’s view on the recent fall of the rupee

Speaking with Geo.tv, analyst Rabia Shahzad said Pakistani rupee one of the weakest currencies are year, down 25%. Countries whose currencies follow this trajectory are Sri Lanka, Ghana, Turkey and Ukraine.

“Foreign reserves fell dangerously down and now total $8.5 billion for the week ending on 22 July. Finance Minister Miftah Ismail recently announced that in autumn in rupees not because of the economic fundamentals that also confirmed by his recent tweet when he states that with measures taken by the SBP, rampant imports from last year got under control.

“Remembering about decline in imports, he stated that “the amount of imports will be less than our exports plus remittances.” He even mentioned that there is a $4 billion gap. in our debt payments that would be easily covered by obligations from our friendly countries (like Saudi Arabia, Qatar and the UAE),” she said, sharing the latest developments.

analyst said that in in pastclaims Myths of Pakistan reaches staff level agreement with The IMF “did not help in providing an airbag for the markets” since the agreement came about with big delay.


“Many deadlines have been given to the financial minister and therefore it seems that his positive words do not succeed in calming down markets are bigger as the rupee continues to fall against in dollarshe said, adding that despite Mifta’s positive statements, “the speculation doesn’t seem to be dying down.”

Shahzad stated that since Pervez Elahi accepts over Punjab, questions arise on survival of Prime Minister Shahbaz Sharif government in center.

“Such political uncertainty exacerbates the situation and leads to more assumption in currency market. it also doing this hard for in government reach out for any of guaranteed support from friendly countries which is now a condition set by the IMF,” she told the publication.

analyst said that one of IMF conditions – allow rupees trade on its basics and what it is should be out of control.

“But if there are assumptions in in market then the SBP and the Ministry of Finance cannot be mere spectators. It was on a continuous fall without any intervention from the SBP or the Treasury.

“Necessarily for in government appoint the governor of the SBP without delay for effective management of currency. However, I feel that the rupee will get a breather once we get official IMF approval. board“, she concluded.

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