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Rupee breaks all records, plunges to 239.94 against US dollar

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3 years ago

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  • Rupee closes at Rs239.94 against US dollar in interbank market.
  • Depreciates Rs3.92 against greenback in a single-day.
  • Analyst says higher dollar demand and outflows are taking a toll on currency.

KARACHI: The Pakistani rupee plunged to a new low on Thursday while continuing its downward spiral against US dollar in the interbank market despite Finance Minister Miftah Ismail assuring investors that the pressure on local currency will soon “vanish”.

Data released by the State Bank of Pakistan (SBP) showed that the local unit closed at a historic low of 239.94 against the US dollar — surpassing its last day low of 236.02 after depreciating by Rs3.92, or Rs1.63% today.

Speaking to Geo.tv, Arif Habib Limited’s Head of Research Tahir Abbas said the currency pressure continued today as well, amid higher dollar demand and outflows — mainly oil-related payments tagged with lower inflows.

Fears have risen about Pakistan’s stuttering economy as its currency fell nearly 8% against the US dollar in the last trading week, while the country’s forex reserves stood below $10 billion with inflation at the highest in more than a decade.

Alpha Beta Core CEO Khurram Schezad said that the US dollar is getting stronger in the global market almost against all the world currencies — and the rupee is not an exception.

In addition, he said, Pakistan’s external account issues are not settled as yet though imports are slowing.

He noted that although the International Monetary Fund (IMF) is on board for disbursement, the flows are yet to materialise as the Executive Board’s final approval is awaited.

“Global rating agencies have put a negative outlook on the economy, so that is an additional burden that is weighing in on the financial markets in general and forex market in particular,” he added.

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Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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2 days ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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As the MPC meeting draws closer, stocks rise.

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2 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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