KARACHI: Pakistan’s national currency ended the trading week on a bearish note after hitting another historic low against the United States dollar to close at Rs175.73 as the country continued negotiations with the International Monetary Fund (IMF) for the revival of a $6 billion loan program, analysts said on Saturday.
The rupee lost its value by about three percent during the week as currency traders and investors awaited the outcome of the ongoing talks between the Pakistani authorities and IMF officials which began in the first week of October.
The currency also lost its value in the open market where it closed at Rs178 for selling and Rs177 for buying on Friday against the previous closing of Rs176.50 for selling and Rs175.50 for buying against the greenback, according to the Exchange Companies Association of Pakistan.
Analysts said the uncertain outcome of talks with the IMF was keeping the Pakistani currency under pressure, though the rising demand for dollar to make import payments was also militating against the Pak rupee.
“The rupee is under pressure due to the uncertainty related to the outcome of talks with the IMF,” Samiullah Tariq, director research at the Pakistan Kuwait Investment, told Arab News. “The autonomy of the central bank seems to be the main stumbling block, impeding conclusive negotiations.”
The success of the talks is vital for the revival of the $6 billion bailout package that will make the IMF release another tranche of about $1 billion.
Tariq said the outcome of the talks would provide short-term relief to the Pakistani currency as did the Saudi pledge to offer $4.2 billion, though he added that the rising demand for greenback would remain a key challenge to the country’s monetary stability.
In the last week of October, Saudi Arabia pledged to provide $4.2 billion in assistance to Pakistan which supported the rupee and made it appreciate from Rs175.27 to Rs170 in the interbank market.
Pakistan’s growing imports are fueling the demand for the US dollar and keeping the rupee under pressure.
The country’s imports increased by 64 percent to $24.99 billion during the first four months of the current fiscal year (July-October 2021), according to the ministry of commerce which added that 40 percent of the increase came from the investment-driven capital goods imports.
Pakistani currency hits new all-time low amid prolonged IMF talks, rising import bill
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Pakistani currency hits new all-time low amid prolonged IMF talks, rising import bill
- Pakistani authorities and IMF officials have been negotiating for the revival of a $6 billion loan program
- Analysts say the outcome of IMF talks is expected to provide short term relief to the Pak rupee, adding that a surging import bill will still cause problems
PCB sets Feb. 11 as date for player auction for Pakistan Super League 11th edition
- The squad composition would be a minimum of 16 players and a maximum of 20
- The number of foreign players would be five to seven depending on the squad size
ISLAMABAD: The Pakistan Cricket Board (PCB) on Sunday announced that the player auction for the 11th edition of the Pakistan Super League (PSL) will be held on Feb. 11, setting the stage for franchises to begin assembling squads for the country’s premier Twenty20 tournament.
The development came after a workshop regarding PSL player auction at the Qaddafi Stadium, which was presided over by PCB Chairman Mohsin Naqvi and PSL CEO Salman Naseer.
The workshop was attended by PSL officials, all eight franchise representatives, members of Pakistan’s T20 World Cup squad, PCB officials and other capped players.
“The HBL PSL management shared a detailed presentation on the mechanics of the retention and the auction process and consulted with all the participants,” the PCB said.
“It was agreed that the HBL PSL player auction will take place on Wednesday, 11 February.”
The squad composition would be a minimum of 16 players and maximum of 20 players per franchise. The number of foreign players would be five to seven depending on the squad size, according to the PCB.
It would be mandatory for the franchises to play minimum of three and maximum of four foreign players in the playing XI. The teams are also required to have minimum of two uncapped Under 23 players in the squad and one in the playing XI.
Players either retained or picked in the auction will be engaged for two-year contracts with their respective franchise teams, the board said, adding that franchise teams will be able to retain a maximum of seven players for the 12th edition of the tournament.
“I’m delighted that a consultative and productive session was held between the franchises, players and management today resulting in informed and strategic decisions which will pave the way for bright future for the HBL PSL,” Naqvi said.
“The Player Auction model is a landmark step for the HBL PSL, offering players better financial opportunities through an increased salary purse and a transparent acquisition process, while making the league more competitive and attractive.”
PSL CEO Naseer said the player auction system modernizes player recruitment by promoting fairness, transparency, and market-driven value, strengthening the PSL’s appeal for both players and franchises.
“Today’s workshop saw all views being taken into consideration and this rich feedback will be reflected in our execution of a successful player auction scheduled next month,” he said.
PSL has become a key pillar of the country’s cricket economy, providing financial stability to the PCB and serving as a talent pipeline for the national team. The 11th edition of the league is set to begin from Mar. 26 while the final is expected to be played on May 3, as per the PCB’s schedule.
