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Rupee remains on ropes vs dollar as cap removal toll worsens

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The rupee continued to lose its value on Monday, trading at an all-time low of 270 against the dollar in the interbank market as of 11:59am.

The local currency, which had closed at a record low of Rs262.6 on Friday, fell Rs6.5 to a dollar or 2.32% today, according to the Exchange Companies Association of Pakistan (ECAP). 

The current spell of depreciation came after the coalition government ended its control on its price in order to woo the International Monetary Fund (IMF) officials to revive the $7 billion loan programme.

With the latest drop, the domestic currency has cumulatively slumped by nearly 14% or Rs36 in the three days, compared to Wednesday’s close of Rs230.89 to a dollar, according to the State Bank of Pakistan (SBP) data.

In over two hours of today’s trading session, the currency hit an intra-day low of Rs270 during the day, according to the Exchange Companies Association of Pakistan (ECAP).

Meanwhile, the association reported that the currency was changing hand with dollar at 272 in the open market. 

The ECAP in its briefing mentioned that most analysts are of the view that the rupee will weaken to 275, and then consolidate towards the 270 level as IMF approves the programme.

The association, however, predicted that the market will struggle to go above 270 in the short term, correcting to 265 levels, if there is no negative news on the IMF or the political front.

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The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

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The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

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Fly Jinnah opens a new route internationally.

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Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

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Tajir Dost app: traders don’t seem interested in registering

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To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

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