Business

Dollar free fall continues against rupee for third consecutive session

Published

2 years ago

Farwa

Pakistan rupee gains further ground in interbank market.
Local unit gains after successive losses last week.
Increase comes following Ishaq Dar’s return to Pakistan.

The Pakistani rupee gained further ground as the US dollar continued its declining trend for the third consecutive session on Tuesday.

The dollar lost Rs3.11 against the rupee on Tuesday and closed at Rs233.91 in the interbank market at the end of trade session, after the local unit suffered consecutive losses during several sessions in the last trading week.

Interbank closing #ExchangeRate for todayhttps://t.co/6ofbsTsbB7 pic.twitter.com/9xD06V3Pgz
— SBP (@StateBank_Pak) September 27, 2022

The dollar has so far shed Rs5.15 in the interbank market, only two days into the trade week.

The local currency on Friday — the last trading day of the outgoing week — finally broke its losing streak against the dollar after continuously depreciating for 15 consecutive sessions.

The rupee came close to reaching a record low of 240 against the dollar but was unable to do so after several positive cues despite deadly floods devastating Pakistan’s economy.

Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha had said it seems the market is responding to PML-N leader Ishaq Dar’s arrival and the announcement of him replacing Miftah Ismail as the finance minister.

Dar has returned to Pakistan after five years of self-imposed exile in London to “facilitate” the government in its efforts to resurrect a cash-strapped economy by taking over the key portfolio of the finance ministry.

Apart from Dar’s announcement, Paracha noted that the market players were noting political stability as well — after PTI Chairman Imran Khan stated he could return to parliament if the alleged cipher — purportedly containing threatening text behind his government’s ouster — is probed.

The ECAP general secretary also said that the announcement from the World Bank about repurposing funds, the International Monetary Fund’s (IMF) plans to help Pakistan, and the Asian Development Bank’s help have boosted hopes of the market.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

21 hours ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

21 hours ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

2 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.