ANL 14.30 Decreased By ▼ -0.26 (-1.79%)
ASC 13.90 No Change ▼ 0.00 (0%)
ASL 15.33 Decreased By ▼ -0.49 (-3.1%)
AVN 102.99 Decreased By ▼ -3.78 (-3.54%)
BOP 8.75 Increased By ▲ 0.05 (0.57%)
CNERGY 7.16 Increased By ▲ 0.09 (1.27%)
FFL 9.68 Decreased By ▼ -0.08 (-0.82%)
FNEL 9.41 Decreased By ▼ -0.44 (-4.47%)
GGGL 15.30 Decreased By ▼ -0.20 (-1.29%)
GGL 23.31 Decreased By ▼ -0.50 (-2.1%)
GTECH 10.36 Decreased By ▼ -0.14 (-1.33%)
HUMNL 6.68 Decreased By ▼ -0.10 (-1.47%)
KEL 3.31 Decreased By ▼ -0.02 (-0.6%)
KOSM 4.53 Decreased By ▼ -0.05 (-1.09%)
MLCF 34.10 Decreased By ▼ -0.75 (-2.15%)
PACE 4.57 Decreased By ▼ -0.07 (-1.51%)
PIBTL 7.56 Decreased By ▼ -0.11 (-1.43%)
PRL 15.09 Decreased By ▼ -0.06 (-0.4%)
PTC 9.29 Increased By ▲ 0.02 (0.22%)
SILK 1.53 Decreased By ▼ -0.02 (-1.29%)
SNGP 34.52 Increased By ▲ 0.03 (0.09%)
TELE 18.09 Decreased By ▼ -0.26 (-1.42%)
TPL 16.10 Decreased By ▼ -0.15 (-0.92%)
TPLP 30.40 Decreased By ▼ -0.95 (-3.03%)
TREET 41.40 Decreased By ▼ -0.48 (-1.15%)
TRG 103.90 Decreased By ▼ -0.05 (-0.05%)
UNITY 28.50 Decreased By ▼ -1.05 (-3.55%)
WAVES 15.80 No Change ▼ 0.00 (0%)
WTL 2.47 Decreased By ▼ -0.03 (-1.2%)
YOUW 8.28 Decreased By ▼ -0.02 (-0.24%)
BR100 4,715 Decreased By -13.6 (-0.29%)
BR30 19,257 Decreased By -290.2 (-1.48%)
KSE100 45,763 Increased By 0.3 (0%)
KSE30 17,999 Decreased By -2.8 (-0.02%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,019
724hr
Pakistan Cases
1,328,487
4,34024hr
Sindh
502,500
Punjab
453,392
Balochistan
33,705
Islamabad
111,376
KPK
182,311

Pakistani rupee registered yet another fall against the US dollar, dropping below the 168 level to inch near its all-time low recorded in August last year.

As per the State Bank of Pakistan (SBP), the currency closed at 168.02 against the dollar in the inter-bank market, registering a decline of Rs0.36 or 0.21%. The PKR hit its lowest value of 168.45 against the greenback on August 26, 2020.

As per Arif Habib Limited, the PKR has lost 6.2% since Jun 2021 and 9.4% against the USD since its recent high recorded on May 14, 2021.

Pakistani rupee posts further gain against US dollar

“Rupee's decline can only be stopped if imports are curtailed, and exports/remittances increase,” Malik Bostan, Chairman Forex Association of Pakistan, told Business Recorder.

Pressure on the rupee has increased due to Pakistan's current account deficit that has widened in recent months due to the high import bill.

The rise in import bill is attributed to a hike in international oil prices in August, import of commodities, raw materials, and machinery. However, some luxury items also seem to be part of the mix.

Bostan said that the government should take strict measures to curb the import of luxury items, especially autos.

He said that the improved situation in Afghanistan would prove beneficial, as it will allow Pakistan access to a multi-billion dollar market.

Tarin describes food inflation as 'major' challenge

The rapid PKR depreciation has raised some eyebrows and the government has expressed concern over increase in imports as well. Finance Minister Shaukat Tarin, while briefing the Senate Standing Committee on Finance on Thursday, said that the government is looking whether the increase in import bill is reflecting excessive growth, i.e., unsustainable growth.

THE RUPEE: Fails to sustain recovery

"If the growth is increased from four percent to five or 5.5 percent, it is okay. But we do not want to go to seven percent, which is unsustainable," the finance minister said.

Comments

Comments are closed.

1 Comment(s)
Sort By
Javed Mir Sep 10, 2021 08:43pm
Let us forget damned dollers and devise other means for trading with others.
thumb_up Recommended (0)