Islamabad: The Pakistani rupee hit a nine-and-a-half month low at Rs163.35 against the US dollar in intra-day trading in the interbank market on Monday, Pakistani media reported, partly due to an increase in demand for the foreign currency in the domestic economy.
The rupee depreciated by almost Re1 (92 paisa) in intra-day trading compared to Friday’s (the previous working day) close of Rs162.43.
“The rupee is losing partly due to increased pressure of import payments,” Topline Securities Director Research Syed Atif Zafar told Pakistan’s The Express Tribune newspaper.
The US dollar is also gaining strength against world currencies, Zafar said: “This is another reason for the drop in rupee.”
“The local currency is estimated to fall to around Rs166-168 to the greenback by end-December 2021,” he said.
Zafar said additional demand for dollars in the economy was being generated on the back of a “persistent uptrend in international petroleum oil prices.” Pakistan heavily relies on imported energy.
The rupee has been in decline since it hit a 22-month high of Rs152.27 in March 202
Pakistani rupee hits nine-month low at 163.35 to the dollar
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Pakistani rupee hits nine-month low at 163.35 to the dollar
- Rupee is losing partly due to increased pressure of import payments, analysts say
- Rupee has been in decline since it hit a 22-month high of Rs152.27 in March 2021
Pakistan awards 11 onshore oil and gas blocks to boost domestic production
- Pakistan has faced a widening energy gap due to rising demand, limited domestic output, forcing it to import costly fuels
- Successful joint venture partners include state-run enterprises as well as local and international explorations companies
KARACHI: Pakistan has awarded 11 onshore oil and gas blocks for exploration to state-owned and private firms to boost domestic production and reduce reliance on costly energy imports, the Pakistani information ministry said on Thursday.
Pakistan has faced a widening energy gap due to rising demand and limited domestic output, forcing it to import costly fuels and expose the economy to global price swings. Its petroleum, oil, and lubricants import bill fell 4.39 percent to $9.046 billion in July 2025-January 2026.
On Thursday, the Petroleum Division signed petroleum concession agreements (PCAs) and exploration licenses (ELs) to award 11 onshore blocks for exploration, marking a significant step forward in advancing oil and gas exploration activities across the South Asian country.
The successful joint venture partners include the state-run Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Mari Energies Limited (MariEnergies), Pakistan Oilfields Limited (POL) and Prime Global Energies (Prime).
“Signing of agreements demonstrate strong investor confidence in Pakistan’s upstream potential,” Petroleum Minister Ali Pervaiz Malik said, adding it aimed to boost domestic exploration, attract investment and reduce reliance on imported energy.
MariEnergies will serve as operator for six blocks. The company has secured 100 percent working interest in five blocks, including Padag, Chagai, Dalbandin, Merui, and Merui West, and will lead the Ahmad Wal block as operator with a 60 percent working interest, alongside the
Oil and Gas Development Company Limited (OGDCL) that will be holding 40 percent.
OGDCL will operate three blocks, including Kalat North with 100 percent working interest. It will also lead two joint venture blocks: Naing Sharif (OGDCL 70 percent as operator, Prime 30 percent) and Khiu-II (OGDCL 60 percent as operator, MariEnergies 40 percent).
PPL emerged as the highest bidder for the Kalat South block and will operate it with a 40 percent working interest, in partnership with OGDCL (30 percent) and MariEnergies (30 percent). POL secured the Jherruk block with 100 percent working interest.
“The minimum committed investment by the successful bidders exceeds USD31 million (approximately Rs8.66 billion) over the next three years,” the information ministry said. “In addition, more than Rs276 million ($987,133) has been committed toward social welfare initiatives in the respective areas.”
In the event of commercial hydrocarbon discoveries, substantial additional investments amounting to millions of dollars are anticipated for field development and production activities, according to the ministry.
Pakistan has announced new oil and gas discoveries in recent months. Islamabad this month announced a discovery at an exploratory well that produced 225 barrels of oil per day (BOPD) and 1.01 million standard cubic feet per day (MMSCFD) of gas.
In January, a discovery regarding an exploratory well, flowing at the rate of 4,100 barrels of oil per day (BOPD) and 10.5 million standard cubic feet per day (MMSCFD) of gas, was made in Kohat. In September 2025, Pakistan Petroleum Limited announced a discovery in Attock district, while Mari Energies reported a new gas find in North Waziristan.
“Recent discoveries would lead to further investments in development and production, create employment opportunities, stimulate economic activity in the regions and will contribute meaningfully to reducing reliance on imported energy,” Malik added.
