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Straight fourth session: Rupee continues to depreciate against US dollar

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2 years ago

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  • Rupee closes at 218.89 after depreciating 0.21%.
  • Analysts believe rupee is experiencing technical correction.
  • Rupee is expected to remain rangebound in ongoing week.

KARACHI: The Pakistani rupee continued to depreciate against the US dollar for the fourth consecutive session in line with the forecast of the financial pundits and analysts.

According to the State Bank of Pakistan (SBP), the rupee closed at 218.89 after depreciating Rs0.46 or 0.21% against the greenback compared to Friday’s close of 218.43.

Analysts said that the local unit will remain rangebound in the ongoing week, depending on the demand for greenback by importers as the central bank has started to clear pending letters of credit.

The market is expected to keep an eye on any assistance from multilateral lenders in the form of finance pledges following the cataclysmic floods in Pakistan.

Currency dealers believe, the rupee — that staged a 13-day-long rally — is now experiencing a “technical correction”.

“We expect that the rupee will trade range-bound in the upcoming days. While inflows appear to be weaker as exporters are not in the desire to sell dollars in the forward market aggressively, the demand for dollars from importers is expected to stay robust now that the import backlog has been cleared,” a currency dealer said.

Since the start of the fiscal year 2022-23, the rupee has lost Rs14.04 or 6.85% against the US currency — which leaves its imprint on every corner of the global economy as it is the currency in which vital raw materials are bought and sold.

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

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6 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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Business

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

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7 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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Business

The inflation rate in Pakistan dropped to its lowest level.

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7 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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