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Straight fourth session: Rupee continues to depreciate against US dollar

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  • Rupee closes at 218.89 after depreciating 0.21%.
  • Analysts believe rupee is experiencing technical correction.
  • Rupee is expected to remain rangebound in ongoing week.

KARACHI: The Pakistani rupee continued to depreciate against the US dollar for the fourth consecutive session in line with the forecast of the financial pundits and analysts.

According to the State Bank of Pakistan (SBP), the rupee closed at 218.89 after depreciating Rs0.46 or 0.21% against the greenback compared to Friday’s close of 218.43.

Analysts 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.

The market is expected to keep an eye on any assistance from multilateral lenders in the form of finance pledges following the cataclysmic floods in Pakistan.

Currency dealers believe, the rupee — that staged a 13-day-long rally — is now experiencing a “technical correction”.

“We expect that the rupee will trade range-bound in the upcoming days. While inflows appear to be weaker as exporters are not in the desire to sell dollars in the forward market aggressively, the demand for dollars from importers is expected to stay robust now that the import backlog has been cleared,” a currency dealer said.

Since the start of the fiscal year 2022-23, the rupee has lost Rs14.04 or 6.85% against the US currency — which leaves its imprint on every corner of the global economy as it is the currency in which vital raw materials are bought and sold.

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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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