Business

Dollar jumps to Rs300 against rupee in open market

Published

1 year ago

Farwa

“Fall in rupee value expected after caretaker government takes charge.”
Rupee is “expected to devalue further” amid political uncertainty.
Rupee losses Rs3.02 in interbank market to close at Rs291.51.

The rupee on Tuesday tumbled against the US dollar by Rs4 in the open market due to prevailing political uncertainty and falling exports and remittances.

The rupee closed at Rs300 in the open market while it lost Rs3.02 in its value against the greenback to close at Rs291.51 in the interbank market.

Interbank closing #ExchangeRate for today https://t.co/PSffDJrHqg #SBPExchangeRate pic.twitter.com/wz2CYM0KFi
— SBP (@StateBank_Pak) August 15, 2023

Speaking to Geo.tv, Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said the fall in rupee value was expected after the caretaker government took charge.

He said the interim government is expected to take all measures in line with the conditions of the International Monetary Fund (IMF) that the elected regime avoided.

Moreover, he said the recent move to lift all restrictions on imports to meet IMF conditions was also one of the factors that led to the devaluation of the rupee as the move would put pressure on the country’s foreign exchange reserves.

Paracha added that the drop in remittances to Pakistan from its citizens working abroad to $2 billion in the first month of this fiscal year and falling exports were also the factors behind the rupee depreciation.

He said the rupee is expected to fall further against the US dollar to narrow the gap between open and interbank markets in line with the IMF condition.

The ECAP general secretary also blamed the presence of a grey market and the rise in terror incidents in the country for the rise in dollar value against the rupee.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

18 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.