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Rupee continues to extend losses against US dollar

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  • Rupee registers losses for third consecutive session against dollar.
  • Local currency closes at Rs222.47 in interbank market.  
  • It depreciates Rs0.97 or 0.44% against greenback.

KARACHI: The Pakistani rupee registered losses for the third consecutive session against the US dollar on Friday as the political uncertainty in the country deepens due to PTI chief Imran Khan’s long march. 

The local currency depreciated Rs0.97 or 0.44% against the greenback and closed at Rs222.47 in the interbank market.

A day earlier, the local unit closed at Rs220.68 after depreciating Rs0.95, or 0.43%. 

The rupee snapped its gaining streak as the currency market didn’t react positively to news of receiving inflows from the Asian Development Bank (ADB) into the country.

Pakistan received $1.5 billion from the ADB last night, however, the much-awaited loan failed to currency market players.

Speaking to Geo.tv, Pakistan-Kuwait Head of Research Samiullah Tariq said that the rupee movement was market-determined, so the supply drives the demand.

“There is a bit of pressure from the imports and the political uncertainty impacted the currency,” he added.

The PTI will begin its long march today on Islamabad from today for the early elections. 

“The outlook for the rupee will depend on the political climate. However, another inflow from the Asian Infrastructure Investment Bank (AIIB) may improve sentiment,” he added.

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

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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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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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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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