KARACHI: The rupee hit a fresh record low on Wednesday as import payments climbed and exporters clung tightly on to their dollars as the country’s economic outlook darkened. The rupee traded as weak as 89.67 to the dollar, one bank dealer said. This is compared with Tuesday’s close of 89.10/20. US lawmakers agreed on Tuesday to freeze $700 million in aid to Pakistan unless it steps up its fight against militant groups, adding to pressure on the country’s current account and dwindling reserves. Exporters held on to their dollars because of the bleak economic outlook, putting further pressure on the rupee, dealers said. The International Monetary Fund forecasts Pakistan’s economic growth for the 2011/12 fiscal year will slow to 3.5%, lower than the government’s target of 4.2%.
Published in The Express Tribune, December 15th, 2011.
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@NDQ: "He will use all his previous military influence and make Kalabagh and Diamer-Bhasha Dams. "
Why did he not do it when he was in power for 9 uninterrupted years? No civilian government has been in power for even 5 continuous years let alone 9.
We need President Musharraf to take better care of the country. He will use all his previous military influence and make Kalabagh and Diamer-Bhasha Dams. He is the only hope. Musharraf should make alliance with Imran Khan and lead the country out of the economic quagmire.
IMF Forcast shows that Pakistan will grow with 3.5%. It still better than American and Euro zone Growth.
Oh snap, someone just got richer..ehehe
It is time to switch to the Gold Dinar. At least peg the Rupee to the gold dinar. But wait, our Gulf Arab brothers are more pro-American than pro-Pakistani or Pro-Ummah.
Back to square one!!!