Business

Rupee breaks all records, plunges to 239.94 against US dollar

Published

2 years ago

Farwa

Rupee closes at Rs239.94 against US dollar in interbank market.
Depreciates Rs3.92 against greenback in a single-day.
Analyst says higher dollar demand and outflows are taking a toll on currency.

KARACHI: The Pakistani rupee plunged to a new low on Thursday while continuing its downward spiral against US dollar in the interbank market despite Finance Minister Miftah Ismail assuring investors that the pressure on local currency will soon “vanish”.

Data released by the State Bank of Pakistan (SBP) showed that the local unit closed at a historic low of 239.94 against the US dollar — surpassing its last day low of 236.02 after depreciating by Rs3.92, or Rs1.63% today.

Speaking to Geo.tv, Arif Habib Limited’s Head of Research Tahir Abbas said the currency pressure continued today as well, amid higher dollar demand and outflows — mainly oil-related payments tagged with lower inflows.

Fears have risen about Pakistan’s stuttering economy as its currency fell nearly 8% against the US dollar in the last trading week, while the country’s forex reserves stood below $10 billion with inflation at the highest in more than a decade.

Alpha Beta Core CEO Khurram Schezad said that the US dollar is getting stronger in the global market almost against all the world currencies — and the rupee is not an exception.

In addition, he said, Pakistan’s external account issues are not settled as yet though imports are slowing.

He noted that although the International Monetary Fund (IMF) is on board for disbursement, the flows are yet to materialise as the Executive Board’s final approval is awaited.

“Global rating agencies have put a negative outlook on the economy, so that is an additional burden that is weighing in on the financial markets in general and forex market in particular,” he added.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

16 hours ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.

Business

WB pledges complete support for changes aimed at stabilizing Pakistan’s economy.

Published

17 hours ago

Farwa

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.

According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.

The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).

The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.

They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.

According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.

According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.

Business

The cost of a liter of petroleum increased by much to Rs 8.14.

Published

2 days ago

Farwa

Prices for gasoline and high-speed diesel were raised by the government on Monday by Rs4.53 and Rs8.14, respectively, for the upcoming two weeks.

In relation to this, the ministry of finance released a notice.

Diesel now costs Rs 290.38 per litre, while petrol is now priced at Rs 293.94 per liter following the most recent increase.

Additionally, light diesel cost Rs6.54 more per litre, to Rs174.34. A 6.69% increase in price to Rs193.8 per liter was made for kerosene oil.

The impact of the developing Middle East situation and the expanding global market are the main factors contributing to the transformation.

Before the most recent spike, the price of gasoline and HSD had risen by almost $4 and $4.50 per barrel, respectively, on the global market during the previous two weeks.