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‘Political uncertainty’: Pakistani rupee hits new low of 215.20 against US dollar

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  • Pakistani rupee depreciates Rs4.25 against greenback. 
  • On June 22, rupee had closed at a record low of 211.93.
  • Analyst cites import payment pressure, political uncertainty as reason behind decline.

KARACHI: The ruling PML-N’s thumping in the Punjab by-elections that has triggered political uncertainty along with import pressure took the Pakistani rupee to a new low against the US dollar in the interbank market Monday.

Data released by the State Bank of Pakistan (SBP) showed that the local unit lost Rs4.25, or 1.97%, against the US dollar to close at an all-time low of Rs215.20.

It is the highest day-on-day depreciation after March 26, 2020.

On June 22, the rupee had closed at a record low of 211.93 against the greenback and since then the currency has remained volatile.

Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq cited import payment pressure and political uncertainty as reasons for the rupee’s hit.

The analyst told Geo.tv that Sunday’s by-election results gave clarity but the market is awaiting a strategy going forward.

“[The] market is looking for a direction, therefore investors are anticipating what would be the way forward. Will the coalition government announce early elections or not?” said Tariq.

On the other hand, Arif Habib Limited analyst Ahsan Mehanti is hopeful that the depreciating rupee would recover soon as all speculations are in favour of the local unit.

Mehanti believes that the funds that Pakistan will receive from the International Monetary Fund (IMF) following the staff-level agreement will give the local currency a “much-needed breather”.

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Malir Industrial Park is introduced by SIFC.

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The establishment of “industrial parks” by the Pakistan Economic Zone Development and Management Company and the Special Investment Facilitation Council aims to attract investors and stimulate the economy.

First up is the Malir Industrial Park, which gives companies access to important trade and transportation channels. This park will be different from heavy industry parks in that it will concentrate on small industries and diverse industrial offices. Among Karachi’s industrial zones, it would be noteworthy for providing security and necessary infrastructure.

In order to lower unemployment, the initiative intends to generate more than 200,000 jobs in the first five years. To increase the advantages of the program, the Korangi Association of Trade and Industry will become a member of the Malir Industrial Park Advisory Council.

The park will have easy access to Karachi Port and Jinnah International Airport due to its strategic location at the convergence of key highways, such as the National Highway and Malir Motorway. This would guarantee effective access to both domestic and foreign markets.

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The Saudi crown prince and PM Sharif promise to increase trade and investment relations.

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He emphasised how closely Saudi Vision 2030 matches Pakistan’s main strategic goals, strengthening the basis for both countries’ development.

In terms of trade, investment, and economic development, both leaders reaffirmed their dedication to strengthening bilateral cooperation.

A recent visit by a high-level Saudi delegation headed by the Saudi Investment Minister, during which a number of Memorandums of Understanding (MoUs) were signed to strengthen the economic partnership, was mentioned by Prime Minister Sharif.

Along with talking about the economy, the two leaders acknowledged the serious damage caused by Israel’s continuous aggression in the area and voiced their profound worry about it.

Peace in Gaza is linked to global progress: PM

In his earlier speech to the 8th Future Investment Initiative (FII), Prime Minister Shehbaz emphasised the catastrophic situation in Gaza and stressed that the world would find it difficult to meet its developmental goals unless there was an immediate end to the violence.

Shehbaz, the Saudi prime minister

With the topic “Infinite Horizons: Investing Today, Shaping Tomorrow,” the FII brought together prominent individuals to discuss investments in important fields such as robots, artificial intelligence, education, energy, finance, healthcare, and sustainability.

Pakistan’s worries over the worsening situation in Gaza were highlighted by PM Sharif’s direct remarks, which also highlighted the necessity of international cooperation in fostering peace.

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Task Force for FBR Digitization Established: Automated Supply Chain System Design

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A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).

Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.

Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.

Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.

In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.

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