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In response, the Pakistani rupee strengthens vs the US dollar.

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11 months ago

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The Pakistani Rupee (PKR) showed tenacity in Thursday’s opening session, rising against the US Dollar following a string of depreciations, in a notable financial reversal.

After a significant 20-paisa rally versus the US dollar, the Rupee started trading at Rs279.30 paisa.

2024 is a promising year for the rupee

The upward trend persisted in January, culminating in a closing value of Rs279.5, signifying a significant increase of 0.84%, or 2.36 rupees, in relation to the strong Dollar. Analysts credit the Pakistani Rupee’s stability and stability-promoting elements for its outstanding achievement.

A major contribution was made by improved macroeconomic circumstances and increased foreign currency market liquidity. Stricter regulations, a drop in the money supply, and a significant balance of payments surplus as a result of lower import demand contributed to this liquidity increase. A ban on Chinese debt repayments also improved the country’s economic situation.

The International Monetary Fund (IMF) recently disbursed the second tranche of SDR 528 million, or $705.6 million, which increased market confidence. The country’s economic situation was further supported by this financial infusion.

Pakistan’s current account surplus in December, which ended five months of deficits, marked a crucial turning point in the country’s history. The surplus was last mentioned in June 2023. Exports of both commodities and services surged, supporting this positive development, with the Information Technology (IT) sector emerging as a major contributor to the overall growth in the economy.

The Pakistani Rupee’s resiliency against the US Dollar as the country welcomes 2024 with hope is a testament to the government’ strategic plans and cautious economic policies. This bodes well for the financial environment in the months ahead.

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

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4 days ago

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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.

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

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5 days ago

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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.

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The inflation rate in Pakistan dropped to its lowest level.

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5 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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