1 US Dollar ~ 80 Pakistani Rupees

Posted on October 7, 2008
Filed Under >Owais Mughal, Economy & Development
77 Comments
Total Views: 59697

Owais Mughal

Do you remember an old adage:

‘ye cheez to Takkay ki nahiN hai’ (This thing is not worth a Takka).

Well, today the tables have turned. What was once true of BD Takka is now true for a Pakistani Rupee. As of today 1 Bangladeshi Takka equals 1.14 Pakistani Rupees . The phenomenal slide of Pakistani Rupee, which started around January 2008 continues unabated. Pakistani rupee is now trading at very close to 80 Rupees to a US dollar. Yahoo Finance was quoting Pakistani rupee at Rs 78.375 to a US dollar on October 6, 2008.

Pakistan Rupee v U.S. Dollar

We also had a post on this topic back in May 25, 2008 when Rupee had slid down to Rs 68 for a dollar but this time slide in Rupee’s value seems like the steepest in history of Pakistan. Rupee has lost almost one third of its value in the past 10 months.

The question that everyone is asking is whether current Government is capable of controlling this situation or is it beyond anybody’s control.
Pakistan Rupee v U.S. Dollar
Pakistan’s finance Minister (since May 12, 2008) is Mr. Naveed Qamar and atleast I’ve not heard anything from him about what are Government’s plans to bolster Rupee’s value or to stop fast depleting foreign exchange reserves of Pakistan (now down to approx $8.1 bn).

What is happening to a common person among all this turmoil is depicted well in a sher by Anwar Masood.

“jo dil pe guzarti hai raqam karte raheN ge”
kal tum ko bata deN ge raqam kitni bani hai

Reference:

1. Yahoo Finance

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77 responses to “1 US Dollar ~ 80 Pakistani Rupees”

  1. yousuf says:

    US $ is almost close to Rs.85 and sill rising and it is predicted that it might reach RS.100 mark soon.

    Times were when US$ was 4.15 to a rupee in early ’50s`, and we had monopoly of Golden fibre of East Pakistan Jute and bumper crops of cotton to earn good foreign exchange.

    All things essential for life were very cheap and affordable, poors had easy life as they could manage on meager salaries.

    What did go wrong, or why Pakistani rupee slided to (still sliding) such low level despite of our robust external trade of $16 billions and more?

    Nincompoop Economists would feed their odd spiel of economic theory to justify the rot, ( like higher Petrol prices Etc), but the real reason which i could guess is the flight of capital to safer and greener pastures by the corrupt Politicians,Indutrialists, bureaucracy, Armed forces personals, and general public.

    They first of all are afraid that their illgotten gains will land them in troubles, secondly the lure and romance of owning a property in foreign countries, 3rdly stashing the illgotten wealth to educate their kids in foreign countries Etc, and also enjoying spree in European resorts and Casinos.

    It is the common man who suffers most because of inflatio as t a result of dishonest and cr8iminal activities of few corrupt persons.

    Somehing has to be done to stop this further rot and slide of the Greenback, and our only hope is Supreme court , which can solve this problem by scrutinising the corrupts and pronouncing sentences on them in order economic health of country can improve and we can pay back our foreign debts.

  2. Web Designer says:

    Beside all the problems, exporters should make full advantage of low currency rate as we are getting cheaper labor here, while goods are being sold at same US dollar rate outside pakistan. through which the industrialists are making good profit.

  3. Rawshan Iajdani says:

    Alaaaas!!!!! I never knew Pakistan was living on credit cards for all all those years and the economic and growth that were projected to the people of Pakistan and to the outside world was nothing but bubbles.. A country could never survive this way and move forward. I wonder h0w the GOP could ever pay those debt back.. by borrowing more and more money??? I saw they took 7.5 bn loans from IMF on 5 years term with 5% rate. Even a car loan cost less than that.

  4. shahid says:

    shaukat aziz and now shauket tareen,,,,,,,May Allah Bless Pakistan.

  5. shahzad khan says:

    Yaro you people are stupid to think about these things…… if we can sove the problem of electricity in one dat we can do any thing don,t woory got it?????????

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