Tag: downfall

  • Pakistani rupee falls to record low of Rs230 versus US dollar

    Pakistani rupee falls to record low of Rs230 versus US dollar

    As the political situation in the country worsens, the Pakistani rupee (PKR) touched an all-time low versus the US dollar on Monday during intraday activity in the interbank market.

    Data from the State Bank of Pakistan (SBP) show that during intraday trade, the PKR fell to Rs230 from a rate of Rs228.37.

    As local currency fell by over 8 per cent against the greenback in the most recent trading week, its foreign exchange reserves fell below $10 billion, and inflation reached its highest point in more than a decade, worries about the country’s ailing economy have grown.

    According to Geo, the acting governor of Pakistan’s central bank, Murtaza Syed, stated this in a recent speech to foreign investors: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”

    On Monday, a tola of 24-karat gold costs Rs147,700 in Pakistan.

    10 grammes of 24 karat gold were priced at Rs126,700. A single tola of 22-karat gold was being offered for Rs135,391 while 10 grams of 22k gold was being traded for Rs116,141.

  • Hyundai Sonata 2.5 will now cost Rs7.85 million

    Hyundai Sonata 2.5 will now cost Rs7.85 million

    Like the majority of automakers in Pakistan, Hyundai Nishat has joined the price hike bandwagon by raising the price of its sedan offerings; the Elantra GLS, Sonata 2.0, and Sonata 2.5 variants, due to increased shipping costs and continuous depreciation of the local currency.

    The premium category sedan, Hyundai Sonata 2.0 witnessed an increase of Rs140,000 in its earlier rate of Rs6,859,000. After the price hike, the car costs Rs6,999,000. Hyundai Sonata’s top trim will now be sold at Rs7,849,000 after a price increase of Rs100,000 in its previous price of Rs7,749,000.

    Hyundai Elantra GLS after getting a price of Rs150,000 will be offered at Rs4,949,000, the exact model was previously sold at Rs4,799,000.

    Read more: Pakistani rupee crashes to historic low of Rs194 against US dollar

    Almost every local or imported sedan is now out of reach of the masses as the auto industry has been massively affected by the ongoing devaluation of the Pakistani currency against the US dollar, increased freight charges along with the premium culture (own trend) in the country.

  • Pakistani rupee crashes to historic low of Rs194 against US dollar

    Pakistani rupee crashes to historic low of Rs194 against US dollar

    During the trading session on Monday, the Pakistani rupee (PKR) maintained its declining trend, touching Rs194, its worst rate versus the US dollar. At the interbank, the greenback strengthened by Rs1.47 during the trading hours.

    The General Secretary of the Exchange Companies Association of Pakistan, Zafar Paracha said that the greenback climbed by Rs11.07 since the new government took government, while debt has increased by Rs1,400 billion due to the disparity.

    Pakistani currency lost 3.1 per cent of its value against the US dollar in the previous week in the interbank market, with Pakistan’s currency hitting new record lows to end the week at Rs192.53, its worst closing in history.

    Read more: Pakistani Rupee crashes to a record low against US dollar 

    The local currency fell in value across the board as concerns about the economy, declining foreign currency reserves, and worsening trade imbalance intensified. Concerns over the International Monetary Fund (IMF) programme have also caused fear and speculation in the market.

  • ‘Stablecoin’ crashes, bitcoin set for a record losing run

    ‘Stablecoin’ crashes, bitcoin set for a record losing run

    Following the collapse of TerraUSD, a so-called stablecoin, resonated across markets, cryptocurrencies suffered significant losses on Friday, with bitcoin trapped below $30,000 and on track for a record losing streak.

    Concerns about high inflation and rising interest rates have prompted widespread dumping of hazardous investments, including crypto assets.

    However, sentiment is particularly shaky, as tokens that were intended to be tethered to the dollar have failed.

    Bitcoin, the most valuable cryptocurrency by market capitalization, attempted a recovery early in the Asian session, rising 2 per cent to $29,500, a recovery from a 16-month low of roughly $25,400 on Thursday.

    It is still trading well below week-ago levels of around $40,000 and is on track for a record sixth consecutive weekly loss unless weekend activity improves.

    “I don’t believe the worst is gone,” Scottie Siu, investment director at Axion Global Asset Management, a Hong Kong-based firm that manages a crypto index fund, said. “I believe there will be further decline in the days ahead”.

    “I believe what we need to see is a significant drop in open interest, so that speculators are forced out, and then the market will stabilise”.

    Read more: Pakistan’s cement exports fell by 82.15 per cent in April 2022

    This week, TerraUSD (USDT) lost its 1:1 peg to the dollar, as its method for maintaining stability, which relied on another virtual token, failed under selling pressure.