Business

Rupee snaps 13-day winning streak against dollar

Published

2 years ago

Farwa

Rupee closes at Rs217.88 against US dollar.
Drop in inflows changed sentiment in interbank makret.
Analyst says next direction could be news driven — good or bad.

KARACHI: Pakistan’s currency depreciated 0.04 % (or Rs0.10) to Rs217.88 against the US dollar in the interbank market on Wednesday, ending its appreciation streak that continued for 13 consecutive working days.

The local currency had closed near a one-and-a-half-month high at Rs217.79 on Tuesday, according to the central bank.

It regained a cumulative 10.01% (or Rs21.92) in the past 13 successive working days till Tuesday, dropping close to the all-time low of Rs239.94 last month.

The currency on Wednesday recorded its first depreciation in the past two weeks after worker remittances slowed down 12.3% year-on-year to $2.4 billion and export earnings in September.

The drop in inflows changed sentiment in the interbank market and encouraged importers to buy dollars at the prevailing rate before it became expensive.

Earlier, the rupee emerged as the best-performing currency in the world last week after it notched up one of the largest gains of 3.9% in the week ended October 7 compared to all other currencies on the Bloomberg terminal.

The excessive supply of dollars in the market helped the rupee to stage a 13-day-long rally. However, the supply of foreign currency decelerated after the sluggish data on worker remittances.

Economic analyst Ali Khizar noted that the appreciation trend of the local unit is “arrested” as it closed within a range of 217.8-218 in the last three working days.

PKR/USD appreciation trend is arrested- it closed at 217.8-218.0 in the last three working days

In this week, the inflows in the form of exporters selling in forward and incremental remittances have declined significantly.

Next direction could be news driven – good or bad. pic.twitter.com/lkVlMm8K8m
— Ali khizar (@AliKhizar) October 12, 2022

“In this week, the inflows in the form of exporters selling in forward and incremental remittances have declined significantly,” he wrote on Twitter, adding that the next direction could be news driven — good or bad.

Business

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

Published

1 day ago

Farwa

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.

Business

Fly Jinnah opens a new route internationally.

Published

1 day ago

Farwa

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.

Business

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

Published

1 day ago

Farwa

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.”