Business

Will the dollar rate go further down in Pakistan?

Published

2 years ago

Farwa

The dollar rate in Pakistan went down again today after the Pakistani rupee made a remarkable Rs9.8 or more than 4% recovery against the US dollar during Wednesday’s close in the interbank market.

Analysts expect the local unit to continue gaining ground if stability in the country continues.

In a major development, the dollar slumped by 4.19% against the rupee — the highest since November 2, 1998, when the greenback fell by Rs5.10.

Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan, speaking on ‘Geo Pakistan‘, said that several factors have played a part in bridging the rupee-dollar parity.

Even today, the rupee continued to gain against the dollar during intraday trade in the interbank market.

Bostan said that apart from the reduction in import bills and army chief General Qamar Javed Bajwa’s telephonic conversation with US Deputy Secretary of State Wendy Sherman to help expedite the International Monetary Fund’s (IMF) loan programme revival, the money lender’s statement has played a key part in the dollar’s fall.

IMF’s Resident Representative for Pakistan Esther Perez Ruiz said in a statement Tuesday that a board meeting is tentatively scheduled for late August once adequate financing assurances are confirmed.

In case the IMF releases the $1.2 billion later in August, Bostan said the dollar could fall to 180-190 against the Pakistan rupee and will continue to break records.

“…this was the actual level of the dollar. Before the political instability in the country and the Punjab by-elections — which upset everything, including the markets — the dollar wasn’t at such highs,” he said.

Business

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

Published

20 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

22 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.