Pakistani rupee breaks losing streak, stocks close bullish amid thin trade

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 31 October 2022
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Pakistani rupee breaks losing streak, stocks close bullish amid thin trade

  • ​​​​​​​Rupee’s recovery came on back of finance minister’s meetings with heads of banks, exchange companies over the weekend
  • ​​​​​​​Stocks closed higher as investors weighed rupee recovery on improving trade balance, speculation over easing political crises

KARACHI: Pakistan’s national currency on Monday broke a three-day losing streak and posted a recovery of 0.72 percent against the United States (US) dollar, currency dealers and analysts said, after the finance minister’s meetings with heads of banks and exchange companies over the weekend.

The Pakistani currency rose by Rs1.58 as the greenback closed at Rs220.89 in the interbank market. The local currency had lost Rs1.79 during the last three trading sessions, from Wednesday till Friday.

“The weekend meetings of finance minister with CEO and Presidents of commercial banks and also with heads of foreign exchange companies has boosted investor confidence, that is reflected in today’s rupee appreciation,” Samiullah Tariq, a research director at the Pakistan-Kuwait Investment Company, told Arab News. 

Analysts say Prime Minister Shehbaz Sharif’s visit to China this week and the depreciation of the real effective exchange rate (REER) also contributed to the rupee’s recovery. 

Pakistani equities also closed bullish on Monday, with the benchmark index gaining 124 points to close at 41,264 points.

“Stocks closed higher amid thin trade as investors weighed strong rupee recovery on improving trade balance and speculation over easing political crises,” said Ahsan Mehanti, CEO of Karachi-based Arif Habib Corporation brokerage firm. “The likely flood-loss support receipts from the World Bank and surging global equities played a catalyst role in the positive close.”


Pakistani student launches ‘Urdu ChatGPT’ AI model

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Pakistani student launches ‘Urdu ChatGPT’ AI model

  • Developer says “Qalb” is largest large language model built exclusively for Urdu
  • Project highlights push to localize artificial intelligence for non-English users

ISLAMABAD: A Pakistani student studying in the United States has launched an artificial intelligence model designed exclusively for the Urdu language, a development its creator says could help bridge longstanding gaps in access to advanced digital tools for millions of speakers worldwide.

The project, called Qalb, is positioned as an Urdu-first large language model at a time when most generative AI systems are primarily trained on English and other widely used global languages. Supporters of language-specific models argue they can improve accuracy, cultural relevance and accessibility for users in education, business and public services.

Urdu is spoken by more than 230 million people globally, including in Pakistan, India and diaspora communities, but remains under-represented in advanced AI systems. Efforts to localize artificial intelligence have increasingly been seen as critical for widening participation in digital economies, particularly in developing countries.

“Qalb is now recognized as the world’s largest Large Language Model created exclusively for the Urdu language,” Taimoor Hassan, the project’s developer, was quoted this month in a report in state-run news agency APP. 

“Trained on a massive dataset of 1.97 billion tokens and benchmarked across seven-plus international evaluation frameworks, Qalb outperforms existing Urdu-focused AI models on key real-world performance indicators, setting a new standard for natural language processing in Pakistan,” Hassan said.

“This is a development model and in the next phase we would soon launch App for mobile and web so that people could use and benefit from Qalb ChatGPT.”

Hassan completed his undergraduate degree in computer science at FAAST University’s Peshawar campus and is currently studying for a master’s degree in computer science and software engineering at Auburn University in the United States. According to APP, he is a serial entrepreneur who has previously launched and exited multiple startups and has represented Pakistan at international technology forums.

“I had the opportunity to contribute in a small way to a much bigger mission for the country,” Hassan said.

“Together with my undergraduate roommates and teammates, Jawad Ahmed and Muhammad Awais, we are committed to continuously fine-tuning localized models for niche industries, which we believe can become a major breakthrough for Pakistan.”

Both collaborators are also graduates of FAAST University Peshawar Campus and are currently studying in Germany, APP reported.

The team behind Qalb said the model is intended to support local businesses, startups, educational platforms and voice-based digital services, arguing that meaningful innovation is no longer limited to large technology firms.

“Technology is no longer locked behind big budgets or big teams. With the right mindset, even a small group can build products that educate, automate, and serve millions,” Hassan told APP.