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Import payment pressure weighs rupee down by nearly Re1

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  • Rupee closes at 220.68 against dollar.
  • Currency snaps gaining streak due to import payment pressure.
  • Analyst says currency to consolidate between 215 to 220.

KARACHI: The Pakistani rupee lost nearly Re1 against the dollar in the interbank market after coming under pressure due to import payments and political uncertainty.

The local currency was gaining ground against the greenback in the last three consecutive sessions and gained Rs1.1 and was trading below 219.

The rupee closed at 220.68 after losing Rs0.95, or 0.43%, against the greenback in the interbank market compared to Tuesday’s close of 219.73

Commenting on the rupee’s movement, Arif Habib Limited’s Head of Research Tahir Abbas told Geo.tv that the local unit is facing a “little pressure” in the interbank market. 

He said that it seems like Pakistan has received funding from the Asian Development Bank (ADB) and the foreign exchange reserves stand in a better position. 

“Most likely, allocation of $2 billion in funds from the World Bank will be received in November or December,” he said, adding that the International Monetary Fund’s (IMF) review scheduled in November will provide some relaxation and some targets will be eased up. 

He further added that Prime Minister Shehbaz Sharif’s visit to China next month is expected to tap into new investment opportunities and there might be talks about rescheduling. 

“This is a daily basis depreciation, however, the currency will consolidate between 215 to 220,” he added. 

Speaking to Geo.tv, Pakistan-Kuwait Head of Research Samiullah Tariq said that the rupee movement is market-determined, so the supply drives the demand. 

He added that there is a bit of pressure from the imports and the political uncertainty impacted the currency. 

Tariq maintained that the market depended on the ADB’s funds and that it would reverse the impact. However, according to the recent government system, the number of dollar outflows will be the same as inflows. 

He added that the effect of backlog from the two-three days can be seen on the parity. 

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

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Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.

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