Pakistan currency rate in india

The currency conundrum has been a longstanding issue in Pakistan’s economy, with the complex relationship between exchange rates and inflation presenting a significant challenge for policymakers. The country’s economy has been subject to various external and internal pressures, such as fluctuations in global oil prices, political instability, and imbalanced trade relations, which have impacted its exchange rate and inflation rates. As a result, understanding the dynamics between these two factors is essential for developing effective strategies to stabilize the economy and improve the standard of living for citizens. Evidence from shopkeepers and consumers alike suggests that rising prices are a major concern for many Pakistanis, with some describing how they have had to make difficult choices about what to buy and how much to spend as a result of the currency conundrum. Pakistan’s economy has been struggling with the issue of inflation for several years now, with the inflation rate hovering around double digits for most of the past decade. Inflation has had a significant impact on the purchasing power of the average Pakistani, leading to increased costs of living and making it difficult for low-income families to make ends meet. At the same time, the country’s exchange rate has also been subject to volatility, with fluctuations in the Pakistani rupee affecting the cost of imports and exports. Exchange rates and inflation are inherently connected, and changes in one can ha...

By Press Trust of India: Cash-strapped Pakistan's currency plummeted to a record low of Rs 255.43 against the dollar in the interbank market on Thursday, an indication of the government buckling under the pressure of the IMF to lift an artificial cap on the exchange rate. According to the data of the State Bank of Pakistan, the rupee slid by Rs24.54 or 9.61 per cent from Wednesday's market closure. It was the largest single-day decline in both absolute and percentage terms since the introduction of the new exchange rate system in 1999, Ismail Iqbal Securities’ Head of Research Fahad Rauf was quoted as saying by Dawn newspaper. The rupee also depreciated by Rs12 or 4.94 per cent in the open market where its rate was Rs 243 on Wednesday as compared to 230 in the interbank. The new rate has helped to bridge the gap between the official and private rates which had created a grey market for dollars. It remained suspended when restored in August last year, leading to the release of more USD 1 billion by the lender. However, the program again faced an uncertain future after Finance Minister Ishaq Dar after taking over in September last year, refused to follow the market-based exchange rate which was in place until then. Dar had said that the fair value of the rupee stands in the range of Rs180-200/USD and kept insisting that market forces had artificially undervalued local currency. After allowing the market to determine the exchange rate, the government is hoping that the IMF wo...