KARACHI: Pakistan’s currency traders and analysts blamed the county’s rising import bill for the ongoing depreciation of the national currency as the rupee lost 0.50 percent of its value before closing at an all-time low against the US dollar on Tuesday.
The Pak rupee closed the trading session at Rs168.94 in the inter-bank market, beating the previous record low of Rs168.87 in August 2020 while registering a decline of Rs0.84 or 0.50 percent, according to the State Bank of Pakistan.
The rupee was trading at Rs169 against the US dollar in open market on Tuesday, traders said.
“The rupee is constantly under pressure mainly due to external payments as the country continues to import food, energy and vehicles etc.,” Malik Bostan, chairman of the Exchange Companies Association of Pakistan, told Arab News.
Earlier this month, Bostan told Arab News that Pakistan’s national currency was also under pressure since about $2 million had been flowing out of the country after the fall of Kabul on August 15 due to the shortage of foreign currency deposit in the neighboring state.
Since May 2021, Pakistan’s currency has lost its value by 10 percent from a high of Rs152.28. The currency has shed 6.7 percent since June 2021, according to Arif Habib Limited.
The country’s central bank has also stayed away from the currency market, saying it wants to adhere to a market-based exchange rate policy. Previously, the State Bank of Pakistan used to sell dollars in the market to stabilize the currency.
“In market-based exchange management, central bank only intervenes if there are abnormal currency fluctuations,” Muhammad Sohail, chief executive officer of Topline Securities, told Arab News.
“Currently, the Pak rupee is falling due to the rising import bill and uncertainty regarding the IMF [International Monetary Fund] deal,” he said, adding: “I think that market forces should decide [the exchange rate parity].”
The central bank is scheduled to announce its money policy next week on September 20. Analysts expect the bank to increase its policy rate by 25 basis points (bps).
Following the rupee depreciation, the country’s stock market also reacted negatively, and the benchmark KSE 100 Index closed at 46,891 points, showing a decline of 379 points.
Pakistani rupee hits all-time low against US dollar amid rising import bill
https://arab.news/9sjm6
Pakistani rupee hits all-time low against US dollar amid rising import bill
- The rupee closed Tuesday’s trading session at Rs168.94 in the inter-bank market, breaking the past record low of Rs168.87 in August 2020
- The Pakistani national currency was trading at Rs169 against the US dollar in the country’s open market during the day
Under floodlights after Tarawih prayers, late-night Ramadan volleyball lights up Islamabad
- Players and spectators gather after Tarawih prayers and matches run until 3am
- Teams travel from across Islamabad and nearby towns to take part in the tournament
ISLAMABAD: Soon after the Tarawih prayers end each night in Ramadan, a playground in Islamabad’s D-17 sector comes alive under bright floodlights.
The quiet residential corner fills with the thwack of volleyballs flying across the net as players leap for smashes and spectators line the edges of the ground, cheering and clapping late into the night. Matches often stretch until 3am, just hours before Sehri, the pre-dawn meal before the day’s fast begins.
Volleyball, one of the cheapest team sports, has long been popular in Pakistani towns and villages. Pakistan’s national team currently ranks 44th out of 101 teams in the FIVB Senior World Rankings and seventh in Asia.
During Ramadan, however, the game becomes more than just competition. With daily routines slowed by fasting, nighttime offers a rare window for activity, socializing and community gatherings.
“It has been four years since I started playing here,” said Ismail Khan, who hails from North Waziristan in the northwestern Khyber Pakhtunkhwa province and has represented Pakistan at the Under-19 level.
“Late-night matches in Ramadan have become a tradition. We are busy during the day and fasting, so the night is when everyone is free. That’s when we come together.”
This year, the D-17 Volley Club has organized a Ramadan tournament that has drawn teams from across the capital as well as nearby towns and villages. For many participants, the games are about more than winning.
Khan says the atmosphere during Ramadan is unique.
“It feels different in Ramadan,” he told Arab News. “There is more energy.”
The appeal of the matches extends beyond local players. Whyn Whyn, a volleyball player from the Philippines visiting Pakistan for the second time, occasionally joins games at the D-17 ground.
“This is my exercise. And through sports, I meet many people,” she said, adding that she often spends evenings rotating between different grounds in Islamabad.
Around the court, spectators gather on motorbikes or stand shoulder-to-shoulder near the sidelines, watching each rally unfold. The crowd’s cheers rise with every powerful serve or well-timed block.
“In Ramadan, the atmosphere is different,” Naveed Mahmood, who regularly comes to watch the matches, told Arab News.
“There are more people compared to other months. We stay here until Sehri.”
Children are frequent visitors as well, weaving through the crowd or sitting beside their parents while watching the games.
“I come here two to three times a week to watch volleyball,” said Muhammad Haroon, 13. “My father also plays here and watching him has inspired me to play as well.”
For Munawar Khan, the tournament’s organizer and a doctor by profession, the idea began five years ago with a simple aim: to keep people active during a month when daily routines slow.
“In Ramadan, people don’t have much activity during the day,” he said. “They are fasting and working. At night, they feel free. So, we decided to install floodlights and organize games.”
Over time, the initiative has grown into something larger.
Now, as the night deepens and the crowd lingers by the court, the rhythm of rallies continues beneath the lights, a small Ramadan ritual where sport, community and late-night energy meet until the approach of dawn.
“People from all walks of life come here to play,” Munawar said. “It brings the community together.”
