According to money central at msn, Pakistani Rupee was traded at US $68.25 today. Just around January of 2008, Rupee was quite steady at around 61 rupees to a dollar but in the past 4 months, the depreciation has been alomst 10%. That too at a time, when US dollar is also weakening as compared to other major curencies of the world. Following graph shows Rupee’s one year comparison versus the US dollar.
On May 23, 2008, ONE Unit of other currencies was equal to following number of rupees:
1 Australian Dollar = 65.64 Pakistani Rupees
1 Bangladesh Takka = 0.99 Pakistani Rupees
1 Canadian Dollar = 69.09 Pakistani Rupees
1 Chinese Yuan = 9.84 Pakistani Rupees
1 Euro = 107.73 Pakistani Rupees
1 Indian Rupee = 1.6 Pakistani Rupees
1 Iraqi Dinar = 0.06 Pakistani Rupee
1 Kuwaiti Dinar = 257.58 Pakistani Rupees
1 Saudi Rial = 18.23 Pakistani Rupees
1 Thai Baht = 2.12 Pakistani Rupees
1 UAE Dirhan = 18.61 Pakistani Rupees
1 Zimbabwe Dollar = 0.002 Pakistani Rupees
Following graph is the 5-year view of Pakistani rupee versus the US dollar. One can easily note the alarmingly sharp decline in the value of Rupee in the last few months.
Following graph shows Rupee’s sharp decline as of August 7, 2008
References:
1. Money central, msn
2. Yahoo Finance
Pakistan cannot become a manufacturing hub with its poor power situation.By the way, a Pakistani newspaper carried article about how Sindh farmers are having water shortages. Well I have been saying that Pakistan needs a water policy on the anvil. The current politicos are too busy playing palace intrgues to care about the common man or woman. The common man or women was stupid enough to think otherwise. You get what you ask for.
For anyone who has any doubts that poor Pakistan is indeed being run by a bunch of thugs, hoodlums, corrupts and illiterates, please watch this and make up your mind…..
http://www.youtube.com/watch?v=YUYqi6shWyM&feature =related
One can take advantage of the weak currency by becoming more of a manufacturing economy for other countries. It is cheaper for other countries to buy products from Pakistan as well as setting up factories due to cheaper labor and costs of operating.
Once foreign money starts coming up faster, the economy will improve.
Of course, to get this to work, we will have to improve our security situation as well as improve worker rights, and get better laws in place.
We have many many successfully countries to look at to get our blue print. Just do what they are doing and we will get the same results.
Why we haven’t been able to do this so far? Stupid, selfish and corrupt people running the country. Now the same idiots are back in power again.
This is really sad. Every government holds all the un-favorable decisions in their last days in power and then it all floods out in one go as the new government takes over…
Although, am not an economist, but I fail to understand WHAT good did Shaukat Aziz do to the ‘common man’ in Pakistan?
Dollar exchange rate is too far a statistic; today I bought a roti from a nearby tandoor for Rs. 5! How can a common man with a monthly earnings of Rs. 5,000/- make his ends meet?
Today I am going to “Great America” (theme park ) where I would be a kid and take every single roller coaster ride I could get my hands on.
Enough of this dipression, its a new day.
So take your children, girlfriends, misstresses or MAY be wifes to a nearest park and enjoy your day.