Will Rupee Devalue Further? Economic roller coaster

[Panther]

It happens all the time and not specific to this government. I recall back in 2008 the dollar jumped from 60 to above 70 within months of PPP taking over. Same was the case when PMLN came in power. I guess it was only during Musharrafs tenure that $ remained stabilised at around 58 for consecutive 8 years.
Back in 1992 when I proceeded abroad the $ was like 25 rupees and when I came back in two years time it was around 45. My figure work may be a little off as it has been a while now.

[Panther]

Strange that you feel like that. Just for my knowledge, are you from Pakistan?

[engineerjibran]

Half of the annual federal budget goes into paying back interest and loans. In the last three years pakistan have borrowed 27 billion dollars and paid back 39 billion dollars. Only salaried class is paying honest income tax and many of them too go through the hole(cash in hand). Most of the taajir bradri pay fraction of taxes they should be paying. kharcha rupaya hai hakumat ka aur amdni 5 pesa bhi nahin.

[Nabs]

Even with record tax collection, government budget is still in large deficit. Even if tax collection goes up by 1000%, government will still be in deficit. Thats how the system works in Pakistan. There is no concept of saving for the future. Only take from the future with big loans.

[capsat]

There is no concept of saving for the future.

"savings" is word known to generation of 80's but no idea they have been practicing it. 90's generation does not know how to spell 'saving' so they have no idea for meaning of it.
am telling the fact based upon my day-in day-out interaction.

US$1 = Rs. 168.95 at close of banking today

[Nabs]

SBP has injected $1.2 billion to stabilize rupee. Also increased policy rate by 25bps to 7.25pc today. Still not much change in dollar rate.

[uzeemujeeb]

it is surging upwards at 09:30 am Opening rate is US$1 = Rs.170.35 at money changers'
interbank is @168.75 thats very strange phenomena

[Nabs]

Less rainfall may squeeze water for Rabi crops ~ DAWN

More wheat import next year. More rupee devaluation.

[awais924]

[Nabs]

Brace yourself for high inflation. On top of rupee losing value, crude oil is going up fast in international market. I expect petrol price to reach 150 rs soon.

[salmanshah1]

Gold price is lower as well today.

[capsat]

GOLD price will go rocketing starting Friday.

wait for blanket price rise in automobiles by Rs. 75000 - 225000 by October 05 2021.

[VCheng]

That is still less than a dollar per liter, so about $3.80 per US Gallon. Here prices range from $3.50 to $6.50 generally, the higher ones on the West coast.

[chameleons]

I am thinking about opening up a foreign currency account to avoid devaluation of my bank balance. I just have a few questions:

which bank and account is most preferable for this?
how hard it is to buy dollars from market and deposit them in account, and, to withdraw them and convert to PKR in market?

if anyone has experience, could you please help me?

SBP also has this rule that you cannot deposit locally purchased dollar in your account so how will I convert my rupees into dollars then?

[mgalaxy3]

SBP also has this rule that you cannot deposit locally purchased dollar in your account so how will I convert my rupees into dollars then?

Who said that? Is that for filers or non filers?

[Nabs]

This is what I could find:

Can foreign currency accounts be credited with money from exchanges?
Regarding whether money obtained from foreign currency exchanges can be deposited into foreign currency accounts, SBP said: "A foreign currency account shall not be credited with any foreign exchange purchased from an authorized dealer, exchange company or money changer, except as allowed by the State Bank through any general or special permission under any law”.

It said that since SBP has already provided general permission for filers to deposit foreign currency into their foreign currency accounts and similarly general permission is also in place for the purchase of foreign currency from exchange companies under the Exchange Companies Manual, filers can continue to deposit cash in their foreign currency accounts.

~Source: https://www.geo.tv/latest/312734-sbp-issues-clarification-on-foreign-currency-accounts-rules-2020

[Xulfiqar]

In 2021

More than several decades past the birth of Pakistan, we are still trying to be politically correct with terms like filer and non filer.

Bravo!

Why not brand the non filers with their actual name of “tax evader” or criminal.

[HellsGuardian]

dollar is pretty high already, is it too late to open a FX account?

[syeddanishanwar]

Buy gold instead of dollar. Gold is at a historic low. But over the long run both assets will likely appreciate.

[VCheng]

Old Chinese proverb:

The best time to plant a tree is thirty years ago. The second best time is NOW.