Pakistani rupee continues upward trajectory, gains 1.17% against greenback

Pakistani currency dealers wait for customers at a roadside currency exchange stall in Karachi on February 11, 2013. (AFP/File)
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Updated 04 August 2022
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Pakistani rupee continues upward trajectory, gains 1.17% against greenback

  • Rupee recorded highest single-day rise against US dollar on Wednesday 
  • Rupee has depreciated by 22.85% since January mainly due to higher imports

ISLAMABAD: The Pakistani rupee gained 1.17 percent against the US dollar on Thursday and continued on the path to recovery, central bank data showed.

The annual performance of the rupee has been worse than nearly any other currency, bar Sri Lanka’s rupee and Ukraine’s hryvnia. Until last week, the rupee steadily depreciated amid a rising current account deficit, depleting foreign exchange reserves and economic uncertainty about the revival of a $6 billion International Monetary Fund loan program.

However, the rupee started recovering this week after the International Monetary Fund said Pakistan had cleared all prior actions needed to revive a much-needed bailout scheme.

“The rupee closed at 226.15 to the dollar, up from 228.80 a day earlier,” the central bank said.

On Wednesday, the rupee recorded its highest-ever single-day increase against the US dollar, appreciating by Rs 9.58 against the greenback as pressure from import payments decreased.

The rupee has depreciated by 22.85 percent since January, mainly due to higher imports coupled with uncertainties related to the IMF program.

Pakistan’s finance minister last month blamed the rupee’s slide on political turmoil, saying he expected market jitters over the currency’s sharp decline to subside soon.

The South Asian country recently passed through another bout of political instability, with the government of Prime Minister Shehbaz Sharif taking over from ousted premier Imran Khan in April.

“The rupee downturn is not due to economic fundamentals,” Finance Minister Miftah Ismail told media. “The panic is primarily due to political turmoil, which will subside in a few days.”


Pakistan top court appoints senior lawyer to inspect Imran Khan’s jail conditions

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Pakistan top court appoints senior lawyer to inspect Imran Khan’s jail conditions

  • Top court names ‘friend of the court’ amid renewed concerns over ex-PM’s health
  • Move follows dispute over jail access to Khan, questions over his treatment in custody

ISLAMABAD: Pakistan’s Supreme Court on Tuesday appointed a senior lawyer as a “friend of the court” to visit jailed former prime minister Imran Khan and submit a report on his current living conditions, following renewed concerns raised by his family and party about his health and treatment in prison.

The decision came a day after the court declined a request by Latif Khosa, a lawyer affiliated with Khan’s Pakistan Tehreek-e-Insaf (PTI) party, to meet the former premier without prior notice to the government. The court later issued a notice to the government and resumed hearings on the matter on Tuesday.

According to a copy of the court order seen by Arab News, the Supreme Court appointed Barrister Salman Safdar, Advocate Supreme Court, to carry out the inspection.

“Barrister Salman Safdar, ASC, is appointed as a friend of the Court to visit the petitioner at the Central Prison, Rawalpindi today and submit a written report regarding the ‘living conditions of the petitioner in jail,’” the order said.

The court noted that a report on Khan’s prison conditions had already been submitted in response to an earlier order, but that it related to his detention in 2023 at Attock jail and did not reflect his current incarceration.

“In this regard, a report regarding the present living conditions of the petitioner shall be submitted,” the order said.

The attorney general assured the court that Safdar would be granted full access to meet Khan and inspect his detention conditions.

“Barrister Salman Safdar, ASC, shall be provided full access to meet the petitioner and inspect his living conditions,” the order added, directing that the report be submitted by Wednesday.

Speaking to reporters after the hearing, Safdar, who has represented Khan in the past, said the court had entrusted him with an independent responsibility.

“The court has assigned me a duty as a friend of the court, which we refer to as amicus, in which the court places its trust and confidence in you,” he said.

He added that he would visit Khan at 2pm on Tuesday at Rawalpindi’s Adiala Prison.

Khan, who was removed from office through a parliamentary vote of no confidence in April 2022, has been in custody since August 2023 in a series of cases that he and his party say are politically motivated, an allegation the government denies.

Concerns over Khan’s health resurfaced last month after the government confirmed that he had been briefly taken from prison to a hospital in Islamabad for an eye procedure. Authorities said his condition was stable, while PTI leaders said they were not informed in advance and demanded greater transparency.

Khan and his wife, Bushra Bibi, have been convicted in multiple corruption cases. In January 2025, an accountability court sentenced Khan to 14 years in prison in the Al-Qadir Trust land corruption case. In December 2025, a special court handed Khan and Bibi 17-year sentences each in the Toshakhana-2 case involving alleged misuse of state gifts. Appeals in both cases are ongoing.

Khan insists all cases are political motivated and aimed at keeping him and his party out of power. The government rejects the allegation.