ISLAMABAD: The Pakistani rupee currency fell further against the dollar on Friday and the stock market shed more than 800 points to close off its worst week in seventeen years, less than a week after Pakistan signed a bailout deal with the International Monetary Fund that comes with strict reform conditions.
The rupee has depreciated by almost five percent since the IMF and Pakistani authorities agreed to a bailout package last Sunday. On Friday, The Pakistani rupee, in the open market, closed at 151 against the dollar as compared to Thursday’s close of 147, Exchange Companies Association of Pakistan data said.
Taking a cue from the currency market, the stock market also shed 804 points on Friday, falling due to the devaluation of the rupee for the last two working days, an expected hike in the policy rate in the next monetary policy meeting on Monday and selling pressure from mutual funds (net selling of $14mn in 4 sessions).
Finance adviser Dr. Abdul Hafeez Shaikh flew into Karachi on Thursday and met stockbrokers on Friday who requested setting up a “market support fund” to help rein in the continuous decline on the trade floor, local media reported.
“Rupee free fall against the dollar, falling foreign exchange reserves, likely surge in state bank policy rate announcement on May 20, concerns over IMF conditions and targets for the federal budget for fiscal year 19 played a catalyst role in bearish close,” said Ahsan Mehanti, the Chief Executive at Arif Habib Corporation.
“This movement reflects demand and supply conditions in the foreign exchange market,” the State Bank’s chief spokesman said in an emailed statement on Thursday. “It will help in correcting market imbalances.”
Market participants expect a further policy rate hike in the wake of the IMF agreement as the central bank is scheduled to announce the monetary policy for the next two months on Monday.
“The central bank is expected to increased 100 basis points bps 11.75 percent,” Muhammad Sohail, CEO of Topline Securities, told Arab News.
Pakistani rupee in freefall, stock market ends worst week in 17 years
Pakistani rupee in freefall, stock market ends worst week in 17 years
- Finance adviser Shaikh meets stockbrokers who suggest setting up “market support fund” to rein in continuous decline on trade floor
- Rupee hits 149.50 in interbank market before closing at 147.66 against US dollar, stock market sheds 804 points
Pakistan to begin first phase of Hajj 2026 trainings from today
- Training programs to be held in phases across Pakistan till February, says religion ministry
- Saudi Arabia allocated Pakistan a total quota of 179,210 pilgrims for Hajj 2026
ISLAMABAD: Pakistan’s religious affairs ministry has said that it will begin the first phase of mandatory Hajj 2026 training for pilgrims intending to perform the pilgrimage from today, Thursday.
The one-day Hajj training programs will be held in phases across the country at the tehsil level until February. The ministry directed intending pilgrims to bring their original identity cards and the computerized receipt of their Hajj application to attend the training sessions.
“Pilgrims should attend the one-day training program according to their scheduled date,” Pakistan’s Ministry of Religious Affairs (MoRA) said in a statement.
The ministry said training schedules are being shared through the government’s Pak Hajj 2026 mobile application as well as via SMS. It added that details of the schedule are also available on its website.
According to the ministry, training programs will be held in Abbottabad on Jan. 2; Ghotki, Thatta and Kotli on Jan. 3; and Tando Muhammad Khan and Khairpur on Jan. 4.
Hajj training sessions will be held in Rawalakot, Badin and Naushahro Feroze on Jan. 5, while pilgrims in Fateh Jang, Dadu and Tharparkar will receive the training on Jan. 6.
The ministry said training programs will be conducted in Umerkot and Larkana on Jan. 7, followed by sessions in Mirpurkhas, Shahdadkot and Mansehra on Jan. 8.
Pakistan’s religious affairs ministry has previously said these trainings will be conducted by experienced trainers and scholars using multimedia.
It said the training has been made mandatory to ensure that intending pilgrims are fully aware of Hajj rituals and administrative procedures.
Saudi Arabia has allocated Pakistan a quota of 179,210 pilgrims for Hajj 2026, of which around 118,000 seats have been reserved under the government scheme, while the remainder will be allocated to private tour operators.
Under Pakistan’s Hajj scheme, the estimated cost of the government package ranges from Rs1,150,000 to Rs1,250,000 ($4,049.93 to $4,236), subject to final agreements with service providers.
