Rupee is Going South, Dollar Available for Rs151 — Things are Different in India Whose Currency Rose to 69.36 from 70.23
KARACHI: Amid all the political and economic uncertainty in Pakistan, one thing is absolutely certain – our rupee is going south – as the US dollar reached an unprecedented high of Rs151 in the open market on Monday morning, with the depreciation of the rupee gaining further momentum following a $6 billion agreement with the International Monetary Fund (IMF).
The dollar also saw an Rs0.93 surge as the interbank rate touched Rs148.80. On Friday, it had soared to Rs150 from Rs147 a day earlier.
The rupee – which is heading down a steep slope – has been dubbed as worst performing currency in South Asia. Analysts predict that the worst is yet to come with a further possible surge in the value of the US dollar against rupee.
Meanwhile, things are quite different across our eastern border, as the Indian rupee rose to a two-week high of 69.36 against the US dollar, as compared to its Friday’s close of 70.23.
Their stock market is also performing well with the shares extending gains in the Monday afternoon session – the Sensex rising over 1,400 points and the Nifty50 index regaining the 11,800 mark, up over 400 points.
Indices made a gap-up opening on Monday with the BSE benchmark Sensex rising over 900 points to an intraday high of 38,892 while the Nifty50 index moved closer to the 11,700 mark, rising as much as 285 points or over 2.5 per cent.
Indian stocks and the rupee soared as exit polls predicted a second term for business-friendly Hindu nationalist Prime Minister Narendra Modi, traders said.
Several polls indicated Modi’s Bharatiya Janata Party (BJP) and its National Democratic Alliance would win a parliamentary majority after voting concluded on Sunday.