11,878 - a sliding rupee
July 7, 2008
The KSE -100 index slid further downwards today with relatively higher volumes of 13.4 million shares traded. Bank Alfalah’s volume of 4.476 million shares traded today was higher than the total volume of shares traded on Friday. The horizon looks bleaker as the rupee had an enormous slide today(2.5%) closing at 71.80 to the dollar, due to panic buying. Typical on a day where the dollar actually rose against most other currencies ! The rupee has depreciated by nearly 12% since April. Its seems that the SBP (State Bank of Pakistan) is not really supporting the rupee and removing several items from the 35% LC margin list has not helped either. All the crap about $3.5 billion dollars coming in by June 30th has done fuck all to stem the tide, as not all of it did.
The Govt. really needs to wake up and focus on our dwindling economy ( if they are capable of it ) and stop dancing around the utterly irrelevent issue of restoring the judiciary which they claim is the answer to all our woes. Admittedly the rapid, continous rising price of oil hasn’t helped. We are slowly sliding down the pan, heads just above the turds, waiting for the chain to be pulled.
News : In the first 100 days of the coalition government, Pakistan’s economy nose-dived with a massive fall in foreign reserves by $2.1 billion (15.8 per cent), and huge downgrading of the rupee by Rs8.3 against the US dollar….In spite of many attempts The News failed to make contact with Finance Minister Naveed Qamar and Secretary Finance Furrukh Qayyum to know their side of the story, as both the top men of the ministry did not respond to the calls of this correspondent. However, the fast deteriorating economic indicators show that the economy is not on the radar screen of the government. This is quite evident from the fact that there is no resolve in corridors of power to provide stable, cohesive political environment to handle the current economic challenges the country is facing… The News
Market Low : 11,878.38 High : 11,961.66
Market Close : 11,878.38 – 83.28 points down
