KARACHI: Pakistan’s national currency closed the weekend trading session on a historical note, hitting an all-time low of Rs301 against the US dollar in the interbank market, with the rising demand for greenback among the business community for import payments building pressure on the local currency.
The Pakistani rupee lost its value against the US dollar by Rs3.87 or 1.3 percent during this week, according to the central bank data.
“The pressure on rupee continues to build as demand for dollar to pay letters of credit (LCs) remains on the higher side after the government removed restrictions on imports,” Zafar Sultan Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), told Arab News.
He maintained the current situation was encouraging grey- and black-market trading while urging people to avoid unnecessary buying of dollars “in the larger interest of the country.”
Paracha said the currency was also under pressure due to fears of further energy rate hikes by the current caretaker administration of the country which is thought to have very little political stake in the system.
The Pakistani rupee has lost its valued by Rs12.51 or 4.3 percent in the interbank market since the departure of the previous coalition government of former prime minister Shehbaz Sharif earlier this month.
The country’s stock market closed marginally lower on Friday due to concerns around weaker national currency.
The benchmark KSE100 index shed 79 points to close at 47,671 level at the end of the week on Friday.
“The Pakistani stocks closed lower amid investor concern for weak rupee and dismal economic outlook,” Ahsan Mehanti, CEO of Arif Habib Corporation, said.
“Falling exports and inflation worries amid surging power tariff and falling rupee played a catalyst role in the bearish close,” he added.
Pakistani rupee hits historic low of Rs301 as market demand for US dollar surges
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Pakistani rupee hits historic low of Rs301 as market demand for US dollar surges
- The rupee has lost its value by 4.3 percent since the caretaker government assumed political power in Pakistan
- Unstable national currency has also been impacting equity market trade according to independent experts
Pakistan Navy rescues Sri Lankan sailor in Indian Ocean operation
- Navy evacuates critically ill crew member 1,500 kilometer off the coast
- Rescue follows earlier Pakistan Navy relief role after Sri Lanka cyclone
ISLAMABAD: Pakistan Navy said on Saturday it had carried out a long-range medical evacuation in the Indian Ocean, rescuing a critically ill Sri Lankan crew member from a foreign-flagged vessel around 1,500 kilometers off Pakistan’s coast.
The operation was launched after Sri Lanka’s Maritime Rescue Coordination Center requested urgent medical assistance for a crew member aboard MV Grey Palm, an Indonesian-flagged cargo ship operating far from land, according to a statement issued by the navy’s public relations directorate.
“Pakistan Navy Ships TABUK and MOAWIN have successfully conducted medical evacuation (MEDEVAC) of a Sri Lankan national requiring urgent medical attention ... on the high seas at 800 Nautical Miles (approximately 1500 KM) off Pakistan’s coast,” the statement said.
The navy said it deployed its ships as a first responder, evacuated the patient along with an attendant and provided immediate treatment onboard before continuing coordination with Sri Lankan authorities.
“The successful medical evacuation is yet another testament to operational readiness and long-standing commitment of Pakistan for the safety of life at sea, irrespective of nationality,” the statement added.
The rescue follows Pakistan Navy’s involvement in humanitarian operations in Sri Lanka last month after a powerful cyclone triggered flooding and landslides that killed more than 470 people, according to Sri Lankan authorities.
During that mission, Pakistani naval personnel helped evacuate a family stranded on a rooftop for several days and delivered relief supplies to affected communities.
