KARACHI: Pakistan’s national currency on Tuesday hit another all-time low against the US dollar to close at Rs171.04 amid growing demand for greenback for imports payments, analysts and traders said.
The rupee lost 30 paisas or 0.18 percent in the interbank market during the trading session. The currency also depreciated by 60 paisas in the open market for buying and traded at Rs171.60, according to the Exchange Companies Association of Pakistan.
“Daily demand in the interbank market is about $300 million while the supply including those from exports is only $200 million,” Malik Bostan, the association’s chairperson, told Arab News. “The government will have to take steps to reduce import demand or increase the dollar supply by any other means.”
Analysts say the currency is under pressure due to the increasing import bill, adding the demand for payments continue to build pressure on the currency.
“The Pak rupee is under pressure due to increasing import bill as the demand for the dollar to make external payments continue to rise,” Samiullah Tariq, director research at the Pakistan-Kuwait Investment, told Arab News.
“The increasing prices of commodities in the international markets are also among the key factors keeping the Pak rupee under pressure,” he added.
Tariq said the uncertainty related to the talks between Pakistan and the International Monetary Fund (IMF) was also one of the reasons behind the depreciation of the national currency.
“The conclusion of the talks with the IMF over the weekend or next week is likely to ease the pressure on the Pakistani rupee,” he added.
Due to higher imports, the country’s trade deficit stood at $11.66 billion during the first quarter of the fiscal year which is 101 percent higher than the trade deficit when compared to $5.8 billion during the corresponding period last year.
“The prices of petroleum products, palm oil and other essential commodities have increased in the global market which is inflating the import bill,” Tariq said.
Pakistan is also facing rising pressure due to the current financial situation of Afghanistan where the dollar supply has almost halted after the withdrawal of the international forces this August.
Pakistani authorities including the central bank have taken measures to control the flow of US dollar to Afghanistan by imposing some restrictions on travelers.
The central bank allowed people going to Afghanistan to carry only $1,000 per person per visit, with a maximum annual limit of $6,000.
The exchange companies have also been asked to conduct biometric verification for all foreign currency sales equivalent to $500 and above along with outward remittances from October 22, 2021.
To ease the burden on the rupee, the Federal Investigation Agency (FIA) has also been activated by the government.
The agency on Monday arrested eight people associated with a foreign exchange company as part of a largescale crackdown against the smuggling of currency mainly to Afghanistan.
“The FIA raids will not reduce the demand for greenback which is mainly coming from the interbank market where demand for import is building pressure on the rupee,” Bostan maintained.
Pakistani rupee continues plunge to hit new all-time low against the greenback
https://arab.news/rpg94
Pakistani rupee continues plunge to hit new all-time low against the greenback
- The Pak rupee depreciated by 60 paisa in open market for buying and traded at Rs171.60 during the day
- Currency traders say the daily demand for greenback in interbank market is $300 million while its supply is only $200 million
Pakistan thrash South Korea 4-0 in Azlan Shah Cup hockey clash
- Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan score goals
- This is Pakistan’s second victory in the tournament after their win over hosts Malaysia on Saturday
ISLAMABAD: Pakistan’s field hockey team beat South Korea 4-0 in their second match of the Sultan Azlan Shah Cup this week, state-media reported on Monday, as the South Asian side continued their impressive run in the tournament.
The 30th edition of the prestigious field hockey tournament is being played in Ipoh, Malaysia from 4-11 May. The cup will be contested between six teams, namely Canada, Japan, Malaysia, New Zealand, Pakistan and Korea. Pakistan’s national hockey team made a triumphant start to the tournament on Saturday, defeating hosts Malaysia by 5-4 in a thrilling match.
The green shirts continued their impressive form on Sunday, beating South Korea in what was a one-sided contest.
“Pakistan in their second match beat South Korea by four goals to nil at Ipoh on Sunday,” the state-run Radio Pakistan reported on Monday.
Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan scored goals to ensure the national team dominated the match. Pakistan’s defense did an impressive job to contain the Korean hockey team, thwarting their efforts to score a single goal.
“Pakistan will play their third match against Japan in Ipoh, Malaysia tomorrow,” Radio Pakistan reported. “The match will start at 3:15 p.m.”
The Sultan Azlan Shah Cup 2024 will see a round-robin stage at first where all six participating teams will play against each other once, followed by positional playoffs.
The teams finishing in the bottom two places of the league stage will contest in a fifth-place classification match. Teams finishing in third and fourth place in the pool stage will compete for bronze, while the top two teams will play in the final for the title.
Pakistani journalists condemn Israel’s decision to ban Al Jazeera, demand ‘earliest restoration’
- PM Netanyahu’s cabinet shut down network for as long as Gaza war continues, saying it threatened national security
- Pakistan Federal Union of Journalists credits Al Jazeera for reporting “independently” on Israel’s war in Gaza
ISLAMABAD: Pakistan’s most prominent association of journalists strongly condemned Israel’s move to ban international news organization Al Jazeera on Sunday, describing it as a “brutal curb on press freedom,” urging journalist bodies around the world to raise their voices for the Qatar-based network.
The statement comes after Israeli Prime Minister Benjamin Netanyahu’s cabinet voted unanimously to close Al Jazeera’s operations in Israel. The decision came weeks after Israel’s parliament passed a law allowing the temporary closure of foreign broadcasters considered to be a threat to its national security as the months-long war in Gaza drags on.
Later on Sunday, Israeli police raided Al Jazeera’s premises in East Jerusalem while satellite and cable providers took the broadcaster off air.
“Workers strongly condemn the Israeli decision of banning telecast of Al Jazeera TV and demand its earliest restoration,” the Pakistan Federal Union of Journalists (PFUJ) said in a press release. “The PFUJ-Workers terms the decision a brutal curb on press freedom and demand that Israeli govt should give right to every media organization to work freely.”
PFUJ credited Al Jazeera for reporting “independently” on Israel’s war in Gaza, calling on journalist bodies around the world to raise their voices for freedom of media and support the Doha-based news channel.
“If we do not discharge our duty of raising voice for Al Jazeera the other will use the practice to silent voices in their regions,” the statement concluded.
Al Jazeera criticized Israel’s decision to ban its broadcast in a report, saying that it is one of the few international media outlets to remain in Gaza throughout the war, broadcasting “bloody scenes of air attacks and overcrowded hospitals, and accusing Israel of massacres.”
“The Network vehemently rejects the allegations presented by Israeli authorities suggesting professional media standards have been violated,” Al Jazeera said in a statement. “It reaffirms its unwavering commitment to the values embodied by its Code of Ethics.”
Israel’s move can heighten the Jewish state’s tensions with Qatar, which funds Al Jazeera, especially at a time when the Gulf country is playing a key role in mediating efforts to stop the war in Gaza.
Tim Dawson, the deputy general secretary of the International Federation of Journalists, told Al Jazeera Israel’s decision was a “retrograde and ridiculous decision.”
“Closing down media, closing down television stations is a sort of thing that despots do,” he said.
Two-day Pakistan-Saudi Arabia investment conference begins in Islamabad today
- The development comes amid the visit of a high-level Saudi business delegation to Pakistan
- The conference is expected to foster growth and prosperity for the people of both countries
ISLAMABAD: A two-day Pakistan-Saudi Arabia investment conference is set to begin in Islamabad today, Monday, to promote trade and investment between the two countries, Pakistani state media reported.
It comes a day after a 50-member Saudi delegation, led by Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan to explore investment opportunities.
The investment conference is expected to foster a new era of growth and prosperity for the people of both countries, the state-run APP news agency reported.
"During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2,482.37 million, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion," the APP report read, citing a Pakistani commerce ministry official.
"Pakistan would welcome and fully facilitate investments and partnerships from Saudi Arabia in IT, minerals, textiles, food security, engineering and energy sectors."
At present, Saudi Arabia's exports include oil, plastics and organic chemicals, while Pakistan exports rice, bovine animal meat, fruit and vegetables, tents and camping goods.
The official noted Pakistan and the Gulf Cooperation Council (GCC) had agreed on a Free-Trade Agreement last year and Islamabad was also planning to organize a Single Country Exhibition and Lifestyle Show in the Kingdom.
Pakistan and Saudi Arabia enjoy strong ties rooted in shared culture, religion and economic cooperation, and have witnessed a flurry of official visits in recent weeks.
The two countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
Pakistan farmers announce nationwide protest from May 10 amid wheat import crisis
- Farmers are demanding the government stop wheat imports that have flooded markets, leading to price slump
- Agriculture contributes about 24 percent of the GDP and accounts for half of the employed labor force in Pakistan
ISLAMABAD: Pakistani farmers on Sunday announced a nationwide protest over the wheat import crisis from May 10, a day after Prime Minister Shehbaz Sharif promised to address their grievances.
Farmers in Pakistan’s Punjab province, which produces most of the wheat crop, are demanding the government stop wheat imports that have flooded the market at a time when they expect bumper crop.
They say the import of wheat in the second half of 2023 and the first three months of this year has resulted in excess amounts of the commodity in the country, leading to reduced prices.
On Saturday, PM Sharif took notice of the matter and formed a committee under the Ministry of National Food Security and Research to address farmer grievances, Pakistani state media reported.
“On the 10th [of May], after the Friday prayers, we are initiating protest from Multan and this protest will be expanded to the whole of Pakistan,” Khalid Khokhar, who heads the Kissan Ittehad Pakistan, said at a press conference.
“Thousands of farmers will come, there will be hundreds of tractors, trailers. Animals, cattle and children and women will also be accompanied.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
However, the prices of wheat have dropped in Pakistan in recent weeks and are much below the government’s support price of Rs3,900 per 40-kilogram bag.
“We do not have any option other than this. The mafia made Rs100 billion, Pakistan’s $1 billion worth of foreign exchange was spent and the farmers incurred around Rs400 billion losses,” Khokhar said.
“They slaughtered 60 million farmers just for the sake of corruption.”
Pakistan’s Dr. Shahzad Baig makes it to TIME’s 100 world leaders in health
- Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which remained successful
- Pakistan, Afghanistan are only two countries in world where polio continues to threaten health and well-being of children
ISLAMABAD: US news magazine TIME has included Dr. Shahzad Baig, the Pakistan Polio Eradication Programme’s national coordinator, to its list of 100 most influential people across the world in the field of health in 2024.
The list, titled ‘TIME100 HEALTH,’ this week honored individuals from across the world for their services for fresh discoveries, novel treatments, and global victories over disease.
Baig was recognized for his efforts for the eradication of poliovirus, which mainly affects children under the age of ten years by invading their nervous system, and can cause paralysis or even death.
Pakistan and Afghanistan are the only two countries in the world where polio continues to threaten the health and well-being of children.
“On the front lines in the effort to stamp it [polio] out is Dr. Shahzad Baig, national coordinator of Pakistan’s polio-eradication program,” TIME wrote on its website.
“In 2019, polio disabled or killed 147 people in Pakistan; since Baig assumed the position, in 2021, case counts have plummeted, with only six children stricken in 2023.”
Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which succeeded spectacularly, according to the US magazine.
In 2020, the African country became the most recent one in the world to be declared polio-free.
“If Baig has his way, Pakistan will be the next,” it added.
