Through e-mail PAKISTAN
HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION PHMA House, 37-H, Block-6,
P.E.C.H.S, Karachi. Tel: 0092-21-34522769, 34522685, 34544765 Fax: 0092-21-34543774,
E-mail: info@phmaonline.com Ref.
No. PHMA/Cir-039/2018 To: All Members of the
Association (Southern Zone & Northern Zone) Devaluation:
Consolidation around 120, Tough times ahead for Rupee We re-produce
below email of Landmark Investment on the subject for the information of all
our valued members, the contents of which are self-explanatory. “From:
Waqas Hussain While
the devaluation is consistent with earlier episodes of roughly 5 rupee
adjustment, some analyst are of the view that Shmashad Akhtar will subsequently
also let the rupee trade in free float mode, which means that the central bank
will not actively manage the rupee rate. This
may deplete the value of Rupee further and put much more pressure on reserves,
but at the end of the day may reflect the real price of local currency.
Essentially, this may not be the end of Rupee depreciation and we may have
tough times ahead. With less than 2 month import cover left, the ground is also
being set up for new IMF loan as one of the condition is no SBP intervention. Expected
USDPKR rate in coming days is 125-130. Regards, Waqas
Hussain Vice
President Sales Landmark
Capital / Tresmark” Thanks
and Best Regards, Khadim Rasool Secretary General-PHMA |