Pakistan’s national currency continues to gain strength against US dollar

A vendor arranges 10 and 20-rupee Pakistani bank notes in a display shelf at a commercial area in Karachi, Pakistan, on December 14, 2011. (AFP/File)
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Updated 01 June 2022
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Pakistan’s national currency continues to gain strength against US dollar

  • The rupee massively depreciated in the last few weeks, hitting an all-time low of Rs202.01 against the dollar last Thursday
  • It regained some of its losses after the government increased fuel prices, closing at Rs197.87 on Wednesday

ISLAMABAD: Pakistan’s national currency on Wednesday recovered its value by 0.30 percent before closing at Rs197.87 against the US dollar in the interbank market, said the country’s central bank.

The rupee continued to depreciate until the end of the last week amid a rising current account deficit, depleting foreign exchange reserves and economic uncertainty about the revival of the International Monetary Fund loan program amounting to $6 billion.

The national currency hit a historic low of Rs202.01 against the US dollar last Thursday before the government decided to jack up petroleum prices to meet an IMF condition for the resumption of the loan facility.

“Interbank closing #ExchangeRate for [Wednesday],” the central bank wrote on Twitter while sharing the national currency’s closing rate of Rs197.87 along with the appreciation value of 0.30 percent on Thursday.

Over the weekend, Pakistan’s finance minister Miftah Ismail said the country expected to reach a staff-level agreement with the IMF next month to secure the revival of the bailout package and stabilize its cratering economy.

With a rising import bill and declining forex reserves, Pakistan desperately needs external finances to deal with one of the toughest economic challenges in its history that it is currently facing.


Pakistan condemns Israel’s contentious move to approve land registration in West Bank

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Pakistan condemns Israel’s contentious move to approve land registration in West Bank

  • Israel’s cabinet on Sunday voted in favor of beginning land registration process that makes it easier for settlers to buy lands in West Bank 
  • Pakistan’s foreign office says such measures in violation of international law, UN General Assembly and Security Council resolution

ISLAMABAD: Pakistan’s foreign office on Monday condemned the Israeli cabinet’s contentious decision to approve registration of large areas of land in the West Bank as “state property,” saying the move was in violation of international law and the United Nations Security Council resolutions. 

Members of the Israeli cabinet on Sunday voted in favor of beginning a process of land registration in the West Bank for the first time since 1967. The move is being seen by many, including the Palestinian Authority (PA), as measures to tighten Israel’s control over the West Bank area by making it easier for Jewish settlers to buy land.

The ruling Israeli coalition ‌includes many ‌pro-settler members who want Israel to annex ​the ‌West ⁠Bank, ​land captured ⁠in the 1967 Middle East war to which Israel cites biblical and historical ties. The West Bank is among the territories that Palestinians seek for a future independent state. Much of it is under Israeli military control, with limited Palestinian self-rule in some areas run by the PA. 

“Pakistan strongly condemns the latest attempt by the Israeli occupying power to convert areas of the Occupied West Bank into so-called state property, and to expand illegal settlement activities,” Pakistan’s foreign office spokesperson said in a statement. 

The spokesperson said such actions are “in clear violation” of international law, UN Security Council and General Assembly resolutions. It stressed that such measures must be rejected by the international community.

“Pakistan calls on the international community to take concrete measures to end Israeli impunity, and ensure respect for international law,” the statement said. 

The foreign office reiterated its support for the people of Palestine in securing their right to self-determination, and for an independent, Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital.

The PA presidency has rejected the cabinet’s decision, saying it constitutes “a de-facto annexation of ‌occupied Palestinian territory and a declaration of the commencement of annexation plans aimed at entrenching the occupation ⁠through illegal settlement ⁠activity.”

The United Nations’ highest court said in a non-binding advisory opinion in 2024 that Israel’s occupation of Palestinian territories and settlements there is illegal and should be ended as soon as possible. Israel disputes this view.