KARACHI: Pakistan’s national currency on Wednesday plunged to another record low against the US dollar to close at Rs178.63 amid mounting pressure due to spikes in commodities prices following the Russian invasion of Ukraine last month, currency traders and analysts said.
While the Pak rupee remained relatively stable as compared to a day before, it depreciated by 0.01 percent in the inter-bank market to close at the lowest historic level against Tuesday’s Rs178.61, the central bank data showed.
“The rupee is under pressure due to increasing commodity prices, particularly of oil which is trading at much higher rates since the Russian invasion of Ukraine,” Samiullah Tariq, director research at Pakistan Kuwait Investment Company, told Arab News.
“The prices of other commodities in the global market have also gone high and the outlook remains uncertain,” he added.
The Brent Crude price has increased by about 17 percent in the first few days of the month and it closed at $132.70 per barrel on March 8.
Pakistani currency dealers said the uncertain outlook would continue to keep the national currency under pressure for the foreseeable future.
“The economic and political dynamics are changing after the war in Ukraine since the demand for the greenback has surged,” Zafar Parachi, general secretary of the Exchange Companies Association of Pakistan (ECAP), told Arab News.
“The global situation will continue to exert pressure on the Pak rupee,” he added. “The national currency will also be affected by Pakistan’s import bill and trade deficit in the coming days.”
Pakistani analysts said the demand for dollar was also increasing since investors were looking for safe havens amid the changing global situation.
Pakistan’s national currency hits all-time low amid spikes in global commodity prices
https://arab.news/byqq6
Pakistan’s national currency hits all-time low amid spikes in global commodity prices
- Analysts attribute volatile commodity rates to the Russian invasion of Ukraine, say the war is also mounting pressure on Pak rupee
- Experts believe Pakistan’s import bill and trade deficit will continue to impact the value of Pak rupee in the coming days
Pakistan Airports Authority reports ‘historic’ twin-engine aircraft landing in Lahore
- Twin-engine aircraft are usually larger, heavier and require better airport infrastructure, navigation systems to land
- Pakistan Airports Authority says landing reflects its commitment to enhance aviation sector, strengthen infrastructure
ISLAMABAD: The Pakistan Airports Authority (PAA) announced on Saturday that the New General Aviation Aerodrome achieved a significant milestone when it handled the landing of a twin-engine aircraft.
A twin-engine aircraft has two engines that provide it redundancy and increased performance compared to single-engine counterparts. These aircraft range from small twin-engine propeller planes to large commercial jetliners. The presence of multiple engines enhances safety by allowing the aircraft to continue flying in the event of an engine failure.
However, twin-engine aircraft are usually larger, heavier and more complex than single-engine planes. They require advanced airport infrastructure such as better runways, navigation systems and air traffic coordination.
“The New General Aviation Aerodrome, Lahore achieved another significant operational milestone today with the successful landing of a twin-engine aircraft, following the recent arrival of a single-engine aircraft,” the PAA said in a statement.
It said the flight was also boarded by Air Vice Marshal Zeeshan Saeed, the director general of the PAA. The move reflected “strong institutional confidence” in the aerodrome’s safety standards, operational capability, and overall readiness, it added.
“The landing was conducted with exceptional precision and professionalism, demonstrating the aerodrome’s robust operational framework, technical preparedness, and effective airside coordination in accordance with contemporary aviation requirements,” the PAA said.
It said the landing represented a “major advancement” in Pakistan’s general aviation sector and underscores the PAA’s commitment to enhancing regional aviation capacity, strengthening infrastructure and promoting excellence in aviation development.
