Connect with us

Business

Pakistani rupee declines in value against US dollar for fifth consecutive session

Published

on

  • Rupee reaches 219.71 in interbank market against dollar.
  • PKR depreciates by 0.37% (Rs0.82) on day-on-day basis.
  • Dollar also strengthens in open market, closes at 226.20.

KARACHI: The Pakistani rupee Tuesday depreciated against the US dollar for the fifth straight session after an increased demand for the greenback from the importers.

The local unit depreciated by 0.37% (Rs0.82) on a day-on-day basis to reach 219.71 in the interbank market, according to the State Bank of Pakistan (SBP), down in value from the previous close of 218.89.

The dollar also strengthened in the open market as the rupee lost 0.50 to close at 226.20.

Analysts have said that the local unit will remain rangebound in the ongoing week, depending on the demand for greenback by importers as the central bank has started to clear pending letters of credit.

Talking to Geo.tv, economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb the movement of a currency in a market-based exchange rate can be largely influenced by three factors — market sentiment, speculation and fundamentals.

“The rather disorderly movement that was seen in the rupee earlier all the way to 240 was partly sentiment and partly speculation,” the economist said.

With the element of speculation slowing and the liquidation of export receipts held abroad, the rupee saw a correction to nearly Rs 218, Khaqan said.

“The exchange rate movement is likely to be more fundamentally driven dependent on dollar inflows and the foreign exchange reserves held by the state bank of Pakistan,” he said.

“At the same time managing the current account deficit is an important influence in the market-based exchange rate movement for coming months,” Khaqan said.

The central bank’s foreign exchange reserves decreased by $303 million to $7.596 billion as of October 7 due to external debt repayments.

The central bank’s reserves are enough to cover hardly one month’s worth of imports.

Business

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

on

By

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

Continue Reading

Trending